purposejjcao.com

jjcao.com  时间:2021-03-21  阅读:()
BOPCOM-05/61EighteenthMeetingoftheIMFCommitteeonBalanceofPaymentsStatisticsWashington,D.
C.
,June27–July1,2005RoundTrippingDIRECTINVESTMENTTECHNICALEXPERTGROUP(DITEG)OUTCOMEPAPER(DITEG)#13December23,20041.
Topic:RoundTripping2.
Issues:SeeDITEGIssuePaper#13byHongKong,China3.
Recommendations:(i)ThegroupexpressedahighlevelofinterestintheconceptofroundtrippingandagreedthatitisaninterestingdimensionofFDI.
(ii)ThegroupexpressedsomeconcernsaboutthemethodologypresentlybeingusedbyHongKongChina,aswellasconcernsaboutthedifficultyofeffectivelyidentifyingandcoveringallroundtrippingFDIflows.
Italsorecognizedtheneedformoreworktobedoneondevelopingthemethodologyandconcepts.
(iii)Thegroupagreedthatitwouldbeusefultoextendtheanalysisofroundtrippingtocoveradditionalsituations,suchaswherethetwoendsofthechainofroundtrippingflowsarenotinthesamecountrybutratherinthesamegeographicalregionoreconomiczone.
(iv)ThegrouprecognizedthatmanyoftheissuesdiscussedunderroundtrippingareconnectedtootherFDIconceptualissues,suchasUltimateBeneficialOwners(UBOs),andthatitwouldbenecessarytoconsidertheseissuesinacoherentmannerinthenewstandards.
(v)Thegroupagreedthat,ifitisdecidedthatdataonroundtrippingistobeincludedinthebalanceofpayments(BOP)/internationalinvestmentposition(IIP)frameworkinthenewmanual,thedatashouldbetreatedassupplementalBOP/IIPpresentationsratherthanasmandatory,standardcomponents.
4.
RejectedAlternatives:None.
5.
QuestionsfortheIMFCommitteeonBalanceofPayments(theCommittee)andtheOECDWorkshopinInternationalInvestmentStatistics(WIIS)(i)DotheCommitteeandtheWIISconsiderthatdataonroundtrippingshouldbeincludedintheframeworkoftheBOP/IIPstatisticsatthisstage,giventheexperimentalnatureofthedata(ii)Iftheanswerto(i)is"Yes",dotheCommitteeandtheWIISconsiderthatanypresentationofdataonroundtrippingintheBOP/IIPstatisticsshouldbesupplementalratherthanastandardormandatoryreportingrequirementIMFCOMMITTEEONBALANCEOFPAYMENTSSTATISTICSANDOECDWORKSHOPONINTERNATIONALINVESTMENTSTATISTICSDIRECTINVESTMENTTECHNICALEXPERTGROUP(DITEG)ISSUESPAPER(DITEG)#13ROUNDTRIPPINGPreparedbyCensusandStatisticsDepartmentHongKong,ChinaSeptember2004-2-DIRECTINVESTMENTTECHNICALEXPERTGROUPISSUESPAPER(DITEG)#13:ROUNDTRIPPINGI.
Currentinternationalstandardsforthestatisticaltreatmentoftheissue1.
Theterm"roundtripping"isnotexplicitlydiscussedintheBPM5andOECDBenchmarkDefinitionofForeignDirectInvestment(BenchmarkDefinition).
ItisdefinedintheAnnotatedOutline(AO)fortherevisionofBPM5asthechannellingbydirectinvestorsoflocalfundstoSPEsabroadandthesubsequentreturnofthefundstothelocaleconomyintheformofdirectinvestment.
2.
Para.
365oftheBPM5andpara.
39oftheBenchmarkDefinitionstatethatSPEsbeincludedasdirectinvestmententerprisesiftheymeetthecriteriaofdirectinvestment,exceptforSPEswithasolepurposeofservinginafinancialintermediarycapacity.
AlthoughSPEs,typicallysetupinoffshorefinancialcentresortaxhaveneconomies,mayhavedifferentstructuresorpurposes,theyareanintegralpartofthestructureofthedirectinvestmentnetwork.
Assuch,roundtrippingfundsflowedwithinthedirectinvestmentnetworkarecurrentlyrecordedasFDItransactionsonagrossbasis,i.
e.
asdirectinvestmentabroadforthelocalfundschannelledtoSPEsabroad,andasdirectinvestmentinthereportingeconomyforthesubsequentreturnofthefundstothelocaleconomy.
II.
Concerns/shortcomingsofthecurrenttreatment3.
FDIinflowtosomeeconomieshasincreasedsignificantlyinthepastseveralyears.
AshareofthetotalFDIinflowtotheseeconomies(1)isexpectedtobeofthenatureofroundtrippingfunds,giventhatinthoseeconomies,investmentincentivesareavailabletoforeigninvestorsbutnotdomesticones.
Inadditiontotaxandfiscaladvantagesthatareprovidedtoforeigninvestors,thereareotherincentivesforroundtripping,suchassafetyandriskmanagementofcapital,accessingbetterfinancialservices,etc.
Someelaborationsontheseincentivesaregivenbelow:(a)TaxandfiscaladvantagesSomeeconomiesprovidepreferentialpoliciestoattractforeigndirectinvestment,includinglowtaxation,favourablelanduserights,convenientadministrativesupport,etc.
Sinceitisnotalwayseasyforlocalenterprisestofindforeigninvestorswhoarewillingtoinvestinthem,theymayfirstlychannelcapitalabroadwhichisthendisguisedasforeigncapitalforlocalinvestmenttotakeadvantageofthepreferentialtreatmentsonlyavailabletoforeigninvestors.
(1)Forinstance,40%oftotalFDIinflowtoHongKongbetween1998and2002wasrelatedtoroundtripping.
-3-(b)PropertyrightprotectionInfrastructureforpropertyrightprotectioninsomeeconomiesisnotwellestablished.
Therefore,theenterprisesintheseeconomiesmayhavethemotivationtoparktheirwealthinaffiliatedenterprisessetupinoverseaseconomieshavingbetterlegalandinstitutionalsettingsforpropertyrightprotection.
Besides,someinvestorsmayprefertokeeptheiridentitiesanonymousbyinvestingthroughcompaniessetupinoffshorefinancialcentres.
CapitalwillthenbebroughtbacktothehosteconomiesintheformofFDIifthereareprofitableinvestmentopportunities.
(c)ExpectationsonexchangecontrolandexchangerateSomeeconomieshavecontroloncapitalaccountandexchangerate.
Expectationsonchangesinexchangecontrolandexchangeratemaygenerateroundtrippingforlargerflexibilityinforeignexchangemanagement.
(d)AccessingbetterfinancialservicesFinancialmarketsofsomeeconomiesarenotwelldeveloped.
Enterprisesoftheseeconomieshavetoaccessoverseasfinancialmarketsforobtainingbetterfinancialservices,suchaslistingofcompaniesinoverseasstockmarkets.
ThefundsraisedwillbebroughtbacktothehosteconomiesintheformofFDI.
Roundtrippingmayoccuraspartofthisprocess.
4.
AlthoughthecurrenttreatmentofrecordingofroundtrippingfundsunderFDIisinconformitywithrecommendationsoftheBPM5andBenchmarkDefinition,somearguethattheseroundtrippingfundsleadtoanoverstatementofthetruemagnitudeofFDI.
InordertobetterreflecttheabilityoftheseeconomiestoattractFDIotherthanroundtripping,andtoenhanceinternationalcomparability,itisusefultocompileasupplementarysetofFDIstatisticsthatexcludesroundtrippingfunds.
5.
WhileageneraldescriptionofroundtrippingactivityisgivenintheAO,morespecificguidelinesareneededinthenextBoPmanualforbothcompilersanduserstobetterunderstandtheactivity,giventhatitisoftendifficulttofollowcloselytheintricateenterprisestructureofdirectinvestmentnetworkandthefundsflowingwithinthenetwork.
6.
Fromtheperspectiveofthehosteconomy,thefollowingtwotypesofFDIflowsareconsideredasroundtripping:(a)domesticinvestmentdisguisedasforeigninvestmentthroughnon-residentSPE,e.
g.
inFigure1(a),CompanyAinthehosteconomyprovidesFDIfundstoanon-residentSPE(CompanyB)forinvestingbackinCompanyCinthehosteconomy.
(b)channellingofFDIfundsthroughlocalSPE,e.
g.
inFigure1(b),CompanyA'ineconomyXchannelsFDIfundstoCompanyC'inthesameeconomythroughaSPEinthehosteconomy(CompanyB').
-4-7.
Sincethisroundtrippingofcapitalfundsusuallyhavelittleeconomicsignificancetothehosteconomy,itisusefultoexcludethemforthepurposeofcompilingasupplementarysetofFDIstatisticsforthehosteconomytobetterreflectitsabilityinattractingFDI.
8.
TocompilethesupplementarysetofFDIstatisticsforthehosteconomy,onebasicapproachistoidentifyandascertainthetrueroundtrippingnatureofFDIfundsreceivedfromandprovidedbycompaniesinthehosteconomy.
Forinstance,incaseofFigure1(a),CompanyCcanbeaskedtoconfirmwhethertheFDIfundsreceivedfromCompanyBareinfactlocalfundsprovidedbyanothercompanyinthehosteconomy,i.
e.
CompanyA.
Moreover,CompanyAcanbeaskedtoconfirmwhethertheFDIfundsprovidedtoCompanyBwouldbe,andatwhattime,channelledbacktoanothercompanyinthehosteconomy,i.
e.
CompanyC.
ForthecaseofFigure1(b),CompanyB'canbeaskedtoconfirmwhethertheFDIfundsreceivedfromCompanyA'ineconomyXwouldbe,andatwhattime,channelledbacktoCompanyC'ineconomyX.
9.
Nevertheless,itisdifficulttoascertainthetruenatureofroundtrippingfundssimplybysurveyingthecompanies.
Becauseoftheinherentunderlyingincentivesforroundtripping(e.
g.
todisguisethecapitalflowsfortakingadvantageofpreferentialtreatmentsonlyavailabletoforeigninvestors),somecompaniesactuallyinvolvedinroundtrippingactivitiesmaynotbewillingtodisclosethetruenatureofFDIflows.
ForthetypeofroundtrippingshowninFigure1(b),theremaybeanadditionaldifficultyintryingtocontactandobtaininformationfromCompanyB'sinceitisaSPE(e.
g.
abrass-platecompany).
III.
Possiblealternativetreatments10.
ToovercometheinherentdifficultiesofdirectlyobtainingcomprehensiveinformationfromcompaniesonthetrueroundtrippingnatureofFDIfunds,compilerscanconsideridentifyingsomerecognisablestructuresofdirectinvestmentgroupstoassistinthecompilationofroundtrippingstatistics.
Sinceitmaybedifficulttofollowcloselyacomplicatedgroupstructureandthefundsflowingwithinthegroup,focusofthesurveyworkcouldfirstlybeplacedonthoserelativelysimplegroupstructuresthatareseentobeconducivetoroundtripping.
Formosteconomies,thisapproachwouldendupcapturingmostBCAHostEconomyFigure1(a)Figure1(b)EconomyXHostEconomyB'A'C'RestoftheWorld-5-oftheroundtrippingflows,whileenhancingtheeffectivenessofthesurveyapparatusasthemaintoolfordatacollection.
AnexampleofasimplegroupstructurethatisconducivetoroundtrippingisshowninFigure2.
11.
InFigure2,CompaniesA,BandCaremembersofadirectinvestmentgroup,whereCompaniesAandCareresidentsofthesamehosteconomy,andCompanyBisanon-residentSPE.
Thissimplegroupstructurewillbeconducivetoroundtrippingifthefollowingtwoconditionsaremet:(a)CompanyBiswholly-ownedbyCompanyA(i.
e.
the100%arrowshowninthediagram);and(b)CompanyBdoesnotownanycompanyotherthanCompanyC.
12.
Underthissimplestructureofdirectinvestmentgroup,itislikelythatFDIfundsreceivedbyCompanyCfromCompanyBareinfactprovidedbyCompanyA,i.
e.
roundtripping.
ThetwoconditionsgivenaboveprecludethepossibilitythatthefundsreceivedbyCompanyCareinfactprovidedbyotherdirectinvestorsordirectinvestmententerprisesofCompanyB.
13.
Ofcourse,itispossibleforCompanyBtoborrowfundsfromunaffiliatedcompaniesandchannelthefundstoCompanyCintheformofFDI.
ItisthereforeessentialtofindoutfromCompanyCaboutthesourceofFDIfundsprovidedbyCompanyB,i.
e.
whetherthefundscomefromCompanyA,orareborrowedfromothercompanies.
Forthepurposeofcompilingroundtrippingstatistics,intheeventthatCompanyCfailstofurtherclarifyandascertainthenatureandsourceofFDIfundsprovidedbyCompanyB,giventhestructureofthisdirectinvestmentgroup,itcanbeimputedthatthefundsareactuallyprovidedbyCompanyA,i.
e.
roundtripping.
BCAHostEconomyFigure2RestoftheWorld100%$x$y≥n%Remark:n%isthethresholdsignifyingadirectinvestmentrelationship.
-6-Timeofrecording14.
InFigure2,itisobviousthatCompanyAmayprovidecapitalfundstoCompanyBatatimedifferentfromthatwhenthefundsarechannelledbackfromCompanyBtoCompanyC.
AtthetimewhenfundsflowoutfromCompanyAtotheSPEabroad,onecannotbecertainthattheywillactuallyflowbacktothehosteconomy,notwithstandingtheobviousintentionbehindandthelikelihood.
Itisthereforereasonabletoconsiderthesefundsasroundtrippingfundsonlywhentheyactuallyflowbacktothehosteconomy.
Onlyatthetimewhenthisroundtrippingnatureofthefundsisascertained,bothoutflowandinflowofroundtrippingfundscanberecorded(i.
e.
atthetimewhenthefundsflowbacktothehosteconomy).
15.
Iftheflowsoffundsinoppositedirections(outflowandinflow)inaroundtrippingactivitytakeplaceintwodifferentreferenceperiods,saytheoutflowoccursinperiodt–1andtheinflowofthesameamountoccursinperiodt,anoutflowwillneedtobeimputedandrecordedtogetherwiththeinflowinperiodt,giventheruleofrecordingstatedabove.
16.
Thereisamajorlimitationforthisruleofrecording.
IncompilingthesupplementarysetofFDIstatisticsthatexcludesroundtrippingfunds,itispossiblethat,foragivenreferenceperiod,thetotalFDIoutflowtoaparticulareconomyissmallerthantheimputedoutflowofroundtrippingfundstothateconomy,givinganegativeFDIoutflowtothateconomyafterexcludingroundtrippingfunds.
Thiswillbedifficulttointerpret.
Selectingalongerreferenceperiod(e.
g.
oneyear)andadoptingabroadergeographicalbreakdown(e.
g.
aregion)willreducethechanceofrecordingsuchanegativeoutflowofFDIotherthanroundtripping.
Treatmentofdifferentflowsinoppositedirections17.
Thedefinitionofroundtrippingimpliesthatthetotalsizesoftheflowsoffundsinoppositedirections(outflowandtheninflow)inroundtrippingshouldbeidentical.
Inpractice,foragivenreferenceperiod,itispossiblethattheyaredifferent.
18.
ForthecaseshowninFigure2,theoutflowof$xmaybegreaterthan,equalto,orevensmallerthantheinflowof$yforareferenceperiod.
SincefundsflowingouttotheSPEabroadwillonlybeconsideredasroundtrippingfundswhentheyactuallyflowbacktothehosteconomy,$yshouldbetakenasthesizeoftherecordedroundtrippingfundsinbothdirections.
Evenif$xisgreaterthan$y,only$ywillberecordedasroundtrippinginthereferenceperiod,andtheresidual(i.
e.
$x–$y)wouldbetakenasreturningtothehosteconomyinalaterperiod.
Ontheotherhand,if$xissmallerthan$y,thegap(i.
e.
$y–$x)wouldbetakenashavingbeenprovidedtoCompanyBbyCompanyAinanearlierperiod.
Directinvestmentcomponentsofroundtrippingfunds19.
Roundtrippingfundsmaycoveranycomponentsofdirectinvestmentcapital,namely,equitycapital,reinvestedearning,orothercapital.
Itispossiblethatthecomponentsofdirectinvestmentcapitalaredifferentfortheoppositeflowsinroundtripping.
Forinstance,CompanyAmayprovideothercapitaltoCompanyBwhichinturnusesthefundstoincreaseitsholdingsofequitycapitalofCompanyC.
-7-Otherstructuresofdirectinvestmentgroupsconducivetoroundtripping20.
ThesimplegroupstructureshowninFigure2canbeeasilyextendedtocoverothermorecomplicatedgroupstructuresthatareconducivetoroundtrippingandareusefulforidentifyingpotentialroundtrippingactivitiesinsurveyworkforthepurposeofcompilingroundtrippingstatistics.
TwoexamplesofthesestructuresaregiveninFigures3and4below.
B1A1AFigure4HostEconomyCB2B3RestoftheWorldA2≥n%≥n%≥n%100%100%100%Remark:n%isthethresholdsignifyingadirectinvestmentrelationship.
B3CA100%≥n%B2B1100%100%HostEconomyFigure3RestoftheWorldRemark:n%isthethresholdsignifyingadirectinvestmentrelationship.
-8-21.
Insurveywork,forastructureofdirectinvestmentgrouptobeseenasconducivetoroundtripping(suchasthatshowninFigure3or4),theownershipstructureofthegroupshouldbesetupinawaythatprecludethepossibilitythatfundsreceivedbyCompanyCareinfactprovidedbyotherdirectinvestorsordirectinvestmententerprisesofCompanyB3.
Forthepurposeofcompilingroundtrippingstatistics,intheeventthatCompanyCfailstofurtherclarifyandascertainthenatureandsourceofFDIfundsprovidedbyCompanyB3,itcanstillbeimputedthatthefundsareactuallyprovidedbyCompanyA,i.
e.
roundtripping.
IV.
Pointsfordiscussion(1)Shouldbothtypesofroundtripping(i.
e.
domesticinvestmentdisguisedasforeigninvestmentthroughnon-residentSPEs,andchannellingofFDIfundsthroughlocalSPEs)beexcludedincompilingthesupplementarysetofFDIstatisticsforthehosteconomy(2)IncompilingthesupplementarystatisticsofFDIotherthanroundtripping,shouldsurveyworkbefocusedonlyonthosestructuresofdirectinvestmentgroupsthatareseentobeconducivetoroundtripping,giventhatitisdifficulttodirectlyobtainfrommostcompaniescomprehensiveinformationonthetrueroundtrippingnatureofFDIfunds(3)IsthesuggestedruleofrecordingforroundtrippingfundsappropriateIsthereanymethodtoovercomethelimitationofthepossibilityofrecordingnegativeFDIoutflowtoaneconomyafterexcludingroundtripping(4)ShouldroundtrippingfundscoverallcomponentsofdirectinvestmentcapitalIsitappropriatetoallowtherecordingofdifferentcomponentsofdirectinvestmentcapitalfortheoppositeFDIflows(outflowandinflow)inroundtripping(5)ArethereotherstructuresofdirectinvestmentgroupsthatarealsoseentobeconducivetoroundtrippingReferencesBalanceofPaymentManual,fifthedition,IMF,1993BenchmarkDefinitionofForeignDirectInvestment,thirdedition,OECD,1996AnnotatedOutlinefortheRevisionofBPM5,IMF,April2004

UCloud云服务器低至年59元

最近我们是不是在讨论较多的是关于K12教育的问题,培训机构由于资本的介入确实让家长更为焦虑,对于这样的整改我们还是很支持的。实际上,在云服务器市场中,我们也看到内卷和资本的力量,各大云服务商竞争也是相当激烈,更不用说个人和小公司服务商日子确实不好过。今天有看到UCloud发布的夏季促销活动,直接提前和双十一保价挂钩。这就是说,人家直接在暑假的时候就上线双十一的活动。早年的双十一活动会提前一周到十天...

Central美国65折优惠,美国达拉斯机房VPS季付赠送双倍内存

Central美国独立日活动正在进行中,旗下美国达拉斯机房VPS 65折优惠,季付赠送双倍内存(需要发工单),Central租用的Hivelocity的机房,只支持信用卡和加密货币付款,不支持paypal,需要美国独服的可以谨慎入手试试。Central怎么样?Central便宜服务器,Central自称成立于2019年,主营美国达拉斯机房Linux vps、Windows vps、专用服务器和托管...

90IDC-香港云主机,美国服务器,日本KVM高性能云主机,创建高性能CLOUD只需60秒即可开通使用!

官方网站:点击访问90IDC官方网站优惠码:云八五折优惠劵:90IDCHK85,仅适用于香港CLOUD主机含特惠型。活动方案:年付特惠服务器:CPU均为Intel Xeon两颗,纯CN2永不混线,让您的网站更快一步。香港大浦CN2測速網址: http://194.105.63.191美国三网CN2測速網址: http://154.7.13.95香港购买地址:https://www.90idc.ne...

jjcao.com为你推荐
8080端口如何关闭和打开8080端口沙滩捡12块石头价值近百万捡块石头价值一亿 奇石到底应该怎么定价rawtools闪迪32Gsd卡,无法格式化,显示只有30M,并且是raw格式。如何恢复?巫正刚想在淘宝开一个类似于耐克、阿迪之类的店、需要多少钱、如何能够代理www.yahoo.com.hk香港有什么网页sss17.com一玩棋牌吧(www.17wqp.com)怎么样?haole16.com玛丽外宿中16全集在线观看 玛丽外宿中16qvod快播高清下载www.vtigu.com初三了,为什么考试的数学题都那么难,我最多也就135,最后一道选择,填空啊根本没法做,最后几道大题倒杨丽晓博客杨丽晓是如何进入娱乐圈的?yinrentangweichentang万艾可正品的作用真的不错吗
主机域名 万网域名空间 3322免费域名 免费顶级域名 谷歌香港 godaddy域名优惠码 香港新世界电讯 天猫双十一秒杀 柚子舍官网 jsp空间 169邮箱 东莞数据中心 免费cdn 支持外链的相册 超级服务器 登陆空间 wordpress空间 腾讯服务器 .htaccess windows2008 更多