The first is the policy environment of "going out"

China's "going global" policy environment mainly includes three aspects: government management system, overseas investment approval system and related policies.

(A) the government management system

From the perspective of management system, the centralized management department is the Ministry of Foreign Trade and Economic Cooperation, and its main functions include: studying and formulating the overall plan and policies and measures to promote enterprises to "go global", studying and formulating the industrial guidance catalogue and country orientation for overseas investment, and supervising and managing various overseas enterprises and economic institutions. Professional management departments, including the State Planning Commission, the State Economic and Trade Commission, the State Administration of Foreign Exchange, the Ministry of Finance and the China Securities Regulatory Commission, participate in the supervision and management of China enterprises' "going global" from different links or levels. In addition, local governments at all levels have also introduced many management measures or related policies that are applicable to all localities; The Economic and Commercial Counsellors' Offices of China's embassies and consulates abroad have the function of coordinating the relations between multinational investment enterprises in China and the host country. This multi-headed and decentralized management system will inevitably lead to the unfavorable situation of complicated examination and approval procedures, low efficiency and long cycle.

(2) Examination and approval system for overseas investment

Judging from the current laws and regulations, China's overseas investment approval system mainly focuses on the approval of overseas trading companies or representative offices and overseas processing and assembly enterprises with materials.

1. Examination and approval for the establishment of trading companies and trade representative offices

Before the Regulations on the Administration of Overseas Enterprises (drafted by MOFTEC and countersigned by relevant ministries and commissions in the State Council and approved by the State Council) comes into effect, China will still implement the Notice of MOFTEC (1997) No.229 on Strengthening the Administration of Overseas Enterprises and the Notice of MOFTEC (1997) No.230 on Establishing Overseas Trading Companies and Trade Representative Offices.

2 the establishment of overseas processing and assembly enterprises with materials for approval.

In order to encourage enterprises with comparative advantages in light industry, textile, household appliances, garment processing and other industries to carry out overseas belt processing and assembly business and do everything possible to expand exports, the General Office of the State Council forwarded the Opinions on Encouraging Enterprises to Carry out Overseas Belt Processing and Assembly Business to the Ministry of Foreign Trade and Economic Cooperation, the State Economic and Trade Commission and the Ministry of Finance on February 1999.

(3) government policies and regulations

The management policies of the central ministries and commissions on overseas investment of China enterprises include comprehensive policies and regulations and special policies and regulations. Among them, the former refers to policies and regulations with comprehensive guiding significance, while the latter refers to a series of special policies and regulations on enterprise financial management, foreign exchange management, overseas listing and other aspects issued by the Ministry of Foreign Trade and Economic Cooperation, the State Planning Commission, the State Economic and Trade Commission, the State Administration of Foreign Exchange, the Ministry of Finance and the China Securities Regulatory Commission respectively or jointly. The main contents of relevant policies are as follows:

1. In terms of industrial policy, it mainly encourages investment in overseas resource development and overseas processing trade, including energy, raw materials, forestry, agriculture, electromechanical textiles, high technology, engineering contracting and other fields.

2. In terms of foreign exchange management, overseas investment shall pay a profit margin of 5% of remitted foreign exchange funds, and the profits from overseas investment or other foreign exchange income shall be repatriated within 6 months after the end of the local fiscal year. It is forbidden to purchase foreign exchange for overseas equity (including overseas direct investment, purchase of foreign shares and capital increase to overseas enterprises) and debt investment; For foreign aid projects, overseas processing and assembly projects with materials that do not involve foreign exchange purchase and remittance, and overseas investment projects funded by the Chinese side in kind, profit margin may be exempted; At the same time, relax the restrictions on foreign exchange purchase by overseas investment, and purchase overseas strategic investment projects (projects approved by the State Council), overseas processing projects with materials and foreign aid projects for investment; Appropriately extend the period of verification of export proceeds.

3. In terms of tax policy, the overseas investment income tax avoids double taxation, and the overseas paid part or overseas preferential part is deducted; Enjoy the export tax rebate policy for overseas processing and assembly projects with materials.

4. In terms of financing loans, special funds are arranged from the Central Foreign Trade Development Fund to encourage overseas investment, financial support is given from foreign aid preferential loans and joint venture project funds, and export credit is given priority. Banks give revolving foreign exchange loans to overseas enterprises at normal loan interest rates, and the Central Foreign Trade Development Fund gives export enterprises a 2% discount. Overseas processing and assembly enterprises with materials are allowed to enrich their capital with the profits obtained within 5 years after making profits. In order to encourage domestic small and medium-sized enterprises to participate in international market competition, the state has established the "International Market Development Fund for Small and Medium-sized Enterprises", which mainly supports: holding or participating in overseas exhibitions; Certification of quality management system, environmental management system, software export enterprises and various products; International marketing; Open up emerging markets; Organize training and seminars; Overseas bidding (negotiation), etc.

5. In terms of foreign trade policy, domestic production enterprises that carry out overseas processing and assembly projects with materials are given import and export priority, and export licenses or quotas are given priority to enterprises that export equipment, technologies, spare parts and raw materials.

6. In terms of personnel policy, control the total wages of overseas enterprises, encourage the annual salary system, implement social pooling insurance for overseas personnel, and simplify the examination and approval procedures for overseas managers of processing and assembly enterprises with materials.

Two, enterprises to deal with the main problems existing in the current policy

(A) the main problems of enterprises going abroad

1. The approval procedure is complicated and the approval time is too long. At present, at least the Ministry of Foreign Trade and Economic Cooperation, the State Planning Commission, the State Economic and Trade Commission and the State Administration of Foreign Exchange are the government's examination and approval departments for enterprises' foreign investment, and they must be reported to the central government for examination and approval after local preliminary examination; The approval procedures for specific projects are project proposal approval → feasibility study report approval → State Planning Commission approval below $30 million → the State Council approval above $30 million. In the whole process, the time required for approval ranges from half a year to one to two years. However, developing projects overseas requires investors to respond quickly. The practice of international investment is to study for a long time and make decisions quickly, and the general decision-making time is often only 1 month. Due to the complicated examination and approval procedures and long examination and approval time, many enterprises can only avoid examination and approval, or go out first and then go through the formalities, so as not to delay business opportunities.

2. Policy guidance and coordination are unfavorable. So far, there is no overall strategy and industry planning for overseas investment in China, and there is no clear industrial policy and industry orientation. Due to the lack of unified guidance and coordination for overseas investment, various departments, regions and enterprises are fragmented, and foreign investment is arbitrary, which leads to repeated overseas investment and vicious competition, which affects the overall efficiency of China's overseas investment.

Private enterprises can't go abroad. The current laws and regulations are basically formulated from the management of state-owned enterprises, and attach importance to the adjustment of overseas investment of state-owned enterprises, ignoring the legal norms of non-state-owned enterprises, resulting in no basis for overseas investment of private enterprises.

(B) the main problems of enterprises after going out

1. Lack of information, knowledge and experience of enterprises' overseas investment. Enterprises lack understanding of the market conditions, investment environment, customs and partners of the investing countries, are not familiar with the operating rules and legal systems of international investment, and have no experience in international investment, which is also an obstacle to the success of foreign investment. Sanjiu Group invested in Malaysia to set up a pharmaceutical processing factory in 1993, because it didn't know that the production and sale of drugs in that country had to be approved by Islamic organizations, which led to the failure of investment. Due to lack of experience, Konka's first attempt to invest and build a factory in Indonesia was unsuccessful. Jiangsu Little Swan Electric Company, Open Source Machine Tool Group, etc. There have been lessons that improper partner selection affects the success and efficiency of investment.

2. China's overseas enterprises often go it alone, weak. First, most enterprises are small in scale; Second, most of them are labor-intensive enterprises with low technology content; Third, most of these enterprises adopt leap-forward investment in which all production systems participate, and they are in their own way, lacking global strategy; Fourth, many overseas enterprises only have production or sales functions; Fifth, overseas enterprises in China are showing a trend of homogenization, fragmented and even unnecessarily fighting with each other.

3. Overseas enterprises often have poor business performance due to poor management. Relevant statistics show that overseas enterprises in China account for 55% of profits, 17% of losses and 28% of breakeven. Overseas enterprises also have the disadvantages of domestic state-owned enterprises. Because the property rights of state-owned enterprises are not clear and personalized, some overseas state-owned assets lack supervision, which is more serious than domestic state-owned enterprises. Over the years, the low economic benefits of overseas investment and the serious loss of state-owned assets are a direct reflection of backward management.

4. The quality of Chinese personnel is low, which can't meet the needs of international operation. According to the survey of the education level of the expatriates in the foreign trade and economic cooperation system, only 43.7% of the personnel engaged in business management in overseas enterprises have college education or above, and 22.6% have technical secondary school education or below.

5. The enterprise has a single source of funds and it is difficult to raise funds. The survey shows that 48.5% enterprises use domestic bank loans to solve the problem of foreign exchange sources for overseas projects, 33. 1% enterprises raise funds by themselves, 1 1.5% enterprises purchase foreign exchange, and only 6.9% enterprises borrow from overseas banks. The statistical results also show that Chinese local banks are the first choice for overseas processing trade enterprises, accounting for 69.6%, while other local foreign banks account for 18.5%, while only 1 1.9% of enterprises are willing to choose local banks. This shows that in solving the problem of foreign exchange use by overseas processing trade enterprises, we mainly rely on domestic financial institutions or self-raised funds, and the channels are relatively single. At the same time, it is also very urgent for enterprises to seek funds for overseas investment. I hope the government will give strong support through various channels and in various ways. Enterprises hope that the country can solve the capital problem through the following channels: preferential export loans, the central special foreign trade development fund, export credit insurance, the support of the Export-Import Bank, increasing export tax rebates, preferential foreign aid loans and establishing a national investment risk fund.

6. It is difficult to guarantee the overseas investment of enterprises. Due to the lack of overseas investment insurance system in China, the political risks that foreign investors may encounter abroad have not been fully guaranteed, and some enterprises investing in countries with high political risks have suffered economic losses without compensation. For example, ZTE invested in a project in Congo (DRC), and a coup took place in Congo (DRC) after the contract was signed, resulting in no results for two years. Because there is no overseas investment insurance system, the loss cannot be compensated. In addition, enterprises report that nearly 30% of overseas markets have not signed an agreement with China to protect trade and investment and avoid double taxation, which directly increases the risk of overseas investment of China enterprises.

Third, the strategic thinking of reconstructing China's overseas investment policy system.

The foregoing analysis shows that it is necessary to reconstruct China's overseas investment policy system from a domestic perspective. From the analysis of the general trend of international economic integration and the hidden national interests behind transnational capital, it is necessary to reconstruct China's overseas investment policy system not only from the micro-level of enterprises, but also from the national level, and also from the reality of China's transformation.

China has been opening to the outside world for 20 years, mainly by "bringing in". From the perspective of system design, more consideration is given to breaking the old system's obstacles to "bringing in", while the necessary system and institutional considerations are lacking for "going out". Therefore, if an enterprise wants to "go out", the probability of collision and friction with the current management system and policies is much greater than that of "bringing in", and it is bound to encounter more difficulties and problems that ordinary domestic enterprises have never encountered. These problems generally come from three aspects: first, the role orientation and dynamic mechanism of the government and enterprises in "going out". In essence, enterprises should go out, not the government. What the government should do is to create the environment and conditions, stimulate the enthusiasm of enterprises to "go global" and guide enterprises to "go global" so as to conform to the strategic intention of the country. Secondly, it is necessary to establish a new coordinated relationship between the government and enterprises. In today's globalization, "going out" has higher requirements for the relationship between government and enterprises, and the separation of government and enterprises is not enough to meet the needs of global competition. The government's support for enterprises and its joint and coordinated actions with enterprises are equally important. The third is to improve the way the state supports enterprises. Enterprises can't go out without government support, but how the government supports enterprises is more important than "support" itself. We should properly handle the problems of what means, in what fields, when and what the government supports.

From these three aspects, the government plays a key role in "going out". It is very important for enterprises to "go global" to accelerate the transformation of government functions and establish a new relationship between government and enterprises and a new management mechanism. Because the competition in today's world is not only the competition between enterprises, but also the competition between countries, and the competition between the government and enterprises. And from a global perspective, the state's commercial, political and diplomatic support for enterprises has become a universal behavior and a common code of conduct. Obviously, in such a globalized world and in the face of such "international practices", it is difficult for China enterprises to "go global", gain a foothold in the world and win the competition without the support and coordinated action of the government. However, due to the special environment and requirements of overseas enterprises, they bear special business risks and competitive pressures, which determines that we must never regard overseas enterprises as overseas branches of domestic enterprises and manage overseas investment enterprises with the thinking and methods of managing domestic enterprises; It is even more impossible to turn overseas enterprises into state-owned enterprises under the traditional system and manage overseas investment enterprises in the traditional planned economy management mode. "Going out" must speed up institutional innovation and create brand-new management systems and systems that adapt to the globalization situation, rather than the return of the original "separation of government from enterprises" under the new situation.

From one-way "bringing in" to two-way "bringing in" and "going out", such a strategic change is bound to be accompanied by corresponding policy and system adjustments. It is undoubtedly quite difficult to make such adjustments when the domestic system reform has not been completed. In addition, it involves a wide range of fields and scope, so designing a systematic system and policy is a complex subject. However, from the goal of "going out" and the practice of globalization, we can grasp the policy orientation and management ideas and mechanisms of "going out". The World Bank pointed out that in order to reverse this situation, China needs "clear rules, especially the transparency of management, accounting responsibility and information, improving the ownership structure and the control and management of state-owned enterprises, and determining the supervision or screening mechanism (or both) to avoid greater risks and eliminate distortions in the tax, exchange rate and credit markets. But we should avoid the investment designated by the central government, because they can't solve the performance problem and may further distort the investment. In fact, the problems involved in implementing "going out" are broader than those mentioned by the World Bank. As a major strategic decision of the country, "going out" requires both a positive sense of hardship and solid and effective preparation and basic work.

From the strategic perspective of "going out", the main defect of foreign investment in the past 20 years is probably the lack of national strategic awareness and strategic guidance. The foreign investment in the past 20 years still belongs to the individual behavior of departments and enterprises in general, lacking the consciousness at the national level and the long-term overall operation; In terms of objectives, it is limited to micro-enterprises such as expanding trade, acquiring raw materials and technology, and increasing exports, and lacks the guidance of clear national strategic objectives. Today, "going out" is put forward as a national strategy to deal with globalization. To ensure that "going out" becomes a long-term national behavior and encourage and support enterprises to actively "go out" under the guidance of national goals, it is necessary to formulate specific target models and strategic plans for "going out" and make corresponding policy adjustments and institutional adjustments, which are the premise and institutional basis for implementing the "going out" strategy. The main purpose of formulating the "going out" strategic plan is to clarify the objectives of the "going out" strategy, put forward policies and measures to mobilize and coordinate national resources and forces, and ensure the long-term and stable implementation of the "going out" strategy. The main contents of "going out" strategic planning should include the selection of target market, investment in target industries, cultivation of multinational enterprises, coordination of relevant strategies, adjustment of laws and regulations, adjustment of management system and policies, incentive measures, division and focus of implementation stages, national coordination mechanism and procedures, etc. Only with clear planning guidance and strong policy guarantee can the "going out" strategy avoid the interference of "swarming" and "gust of wind" and truly build the "going out" strategy on a solid cornerstone.

Four. Policy improvement suggestions

Based on the above understanding, we put forward 20 specific suggestions from three aspects: "unified management and control, service support and guarantee" to improve and perfect the policy system of "going out" strategy.

(1) Unification of control system: reorganization, simplification of control, strategic planning and breakthrough of state-owned restrictions.

1. Establish the State Administration for Overseas Investment directly under the State Council to change the status quo of multi-head management of overseas investment and unify the powers. Other government departments only participate in policy formulation, and unifying the relevant examination and approval authority with the Overseas Investment Administration Bureau is conducive to unified leadership, management and coordination of foreign investment activities of various departments and industries across the country at the national level.

2. Accelerate the legislative process of overseas investment and improve the legal system of overseas investment in China. Overseas investment legislation is still lagging behind. Accelerate the formulation of the Law on Overseas Direct Investment and the Law on Overseas Investment Insurance, standardize the standards, approval procedures and management measures for overseas investment of state-owned enterprises, private enterprises, private enterprises and joint ventures in a unified way, and publish them in legal form to regulate their overseas investment behavior.

3. Reform the examination and approval system for overseas investment. The government should create a relaxed environment for enterprises to "go global" and reduce and eliminate the factors that hinder enterprises from directly entering the international market. It is necessary to reasonably narrow the scope of examination and approval and appropriately relax the conditions for examination and approval. Enterprises of all types of ownership should be treated equally in examination and approval. All approvals are concentrated in the Overseas Investment Administration to avoid multi-departmental approvals; Overseas investment management bureau set up offices in various provinces to avoid multi-level approval; Scientifically design approval procedures, strengthen coordination among departments, and improve management and control efficiency.

4. Accelerate the research and promulgation of overseas M&A policies. Cross-border M&A has become a common form of international investment, but China's current policy is still based on newly-built investment projects, thus ignoring the special requirements of M&A forms for government supervision in capital, foreign exchange and property rights management. Therefore, we must speed up the research and introduction of specific management policies on overseas mergers and acquisitions.

5. Strengthen the overall planning for the implementation of the "going out" strategy. Through the formulation of relevant plans and policies, determine the investment industries, investment fields, investment subjects and investment methods, clarify development goals and priorities, regularly select and announce industries that encourage overseas investment, and guide enterprises to make correct choices. Handle the connection with other development strategies implemented by the state. The "going out" strategy is a part of the national development strategy, and its implementation must be organically combined with other strategies.

6. Strengthen the supervision and management of overseas investment. Change the situation that overseas investment pays more attention to examination and approval than management, and is divorced from examination and approval management, and strengthen post-investment supervision and management. As a social manager, the state should supervise and manage all overseas investment enterprises, including strengthening financial supervision, tax control and foreign exchange control. At the same time, as the owner of state-owned assets, the state should explore and strengthen the supervision and management of overseas investment of state-owned enterprises. This mainly refers to the indirect supervision and management of overseas state-owned investment enterprises by the state through the management of domestic investors. The supervision and management of overseas enterprises by domestic investors mainly includes: the appointment and removal, supervision, rewards and punishments of overseas enterprise operators; Management and financial audit supervision; Exercising the decision-making power of major business operations of the enterprise; Determine the income distribution and get the investment income.

7. Enterprises of all forms of ownership are equal. With China's accession to the World Trade Organization, foreign-invested enterprises will receive national treatment in China. In this case, we should immediately give equal treatment to domestic private enterprises, create equal competition conditions for all kinds of enterprises, and provide a good environment for private enterprises to enter the international market. Private enterprises and other types of enterprises have equal political and economic treatment, and the problem of "identity" has been solved. When the "identity" problem is solved, private enterprises can boldly go to the international market, participate in international competition and actively carry out overseas investment activities.

8. Decentralize foreign-related management rights to domestic enterprises. Foreign-related management rights mainly include import and export management rights, overseas investment and financing rights and foreign economic business management rights. These foreign companies have the right to operate, so it is very convenient to enter China. However, these China enterprises do not all have the right to operate. Our hands and feet are tied by ourselves, and we have missed many valuable business opportunities, which is not conducive to enterprises going to the international market and implementing the "going out" strategy. Therefore, it is necessary to decentralize enterprises, so that all enterprises have the right to "go out" and realize the transformation from the examination and approval system of foreign-related management rights to the registration system as soon as possible. After complete decentralization, it is necessary to strengthen legal supervision and strengthen the coordinating role of trade associations.

9. It is necessary to further relax the foreign affairs management of business people going abroad. China has implemented the policy of reform and opening up for more than 20 years, but the management system of going abroad for all kinds of enterprise managers and expatriate laborers has not changed much. Division-level leaders of public-owned enterprises must organize departments and superior leaders to examine and approve when going abroad on business. The procedures are complicated and the approval time is long. Recently, instead of relaxing the review of overseas labor services, some places have increased the difficulty and engaged in pre-emptive political review, which has consumed the time of overseas labor services. In some places, only one-year valid passports are issued to overseas personnel and temporary overseas personnel of enterprises, which increases the cost of enterprises and affects their business development. It is suggested that the approval procedures for business personnel going abroad should be simplified, and only the public security department should review the criminal records of foreign labor services, eliminating the political review procedure.

10. under the overall national strategy, promote the process of capital account liberalization and gradually abolish foreign exchange controls. Obviously, the current foreign exchange control policy, especially the liberalization of capital account, and the policy of encouraging enterprises to "go global" are mutually restrictive. However, according to the current situation of China's economic development, we should still be cautious about the liberalization of RMB capital account. This requires that the specific process of capital account liberalization must be arranged under the overall national strategy, and flexible measures should be taken to reduce its impact on overseas investment.

(2) Service support function: financial support and information provision.

1. Establish a national foreign-funded credit institution and provide policy and financial support. The role of foreign credit institutions is mainly reflected in three aspects: first, policy orientation. According to the national macroeconomic policy, we will give priority support to foreign investment areas encouraged by the state and give play to the role of state-owned capital in driving and guiding the export of private capital. The second is financial support. Use policy funds such as export credit, preferential government loans and overseas investment funds to provide financing for wholly-owned or joint ventures of domestic enterprises abroad through direct loans or equity participation. The third is risk management. Providing overseas investment insurance for domestic enterprises mainly covers the political risks of overseas investment, including losses caused by war, turmoil, expropriation, nationalization and foreign exchange control.

2. Expand commercial credit resources for foreign investment by domestic enterprises. At present, the overseas investment credit resources provided by China are far from meeting the needs of business development. On the one hand, domestic commercial banks must establish an overseas investment risk assessment system for China enterprises as soon as possible to help enterprises analyze risks and use it as a basis for providing credit. On the other hand, with China's accession to the WTO, the financial industry is becoming more and more open to the outside world. China enterprises should be able to use the credit resources of foreign investment banks in China and international capital markets to expand the scale of overseas investment and improve efficiency.

3. Further improve the credit guarantee system for transnational operation of enterprises. At present, in order to expand the international market, enterprises need to issue various types of letters of guarantee from domestic policy banks or commercial banks. However, due to various reasons, credit guarantee has become one of the main factors that hinder enterprises from expanding the international market. Although The Export-Import Bank of China can reduce the proportion of secured mortgage according to the latest national policy, the examination and approval time is too long and the procedures are cumbersome, which not only increases the cost of enterprises, but also seriously affects the international reputation and image of China enterprises, which is easy to delay business opportunities.

4. Improve the buyer's credit policy, so that overseas investment and other foreign economic and technological cooperation businesses can enjoy the same credit policy treatment as traditional foreign trade exports. For a long time, the export credit policy has played an important role in the rapid and healthy development of China's foreign trade. However, in various economic and technical cooperation businesses such as overseas investment and foreign project contracting, The Export-Import Bank of China, as a national professional policy bank, does not take into account the particularity of these businesses, only uses seller's credit, and basically does not encourage the use of buyer's credit. On the one hand, compared with general trade, project contracting and overseas investment occupy a large amount of funds and have a long repayment period. The adoption of seller's credit makes our enterprise's asset-liability ratio high and financing cost increase, which is not conducive to market development and business development. On the other hand, at present, the procedures of buyer's credit in China are complicated, and the guarantee premium of buyer's credit risk is too high, reaching 5% ~ 6%, which makes the buyer's burden overweight and seriously restricts the important role of buyer's credit as another driving force of export credit. The export credit policy of the Export-Import Bank of the United States is just the opposite of that of China. Banks basically use buyer's credit, especially when the buyer's national government issues a repayment guarantee, the seller's credit is basically not considered. For example, in the US-China trade, the Export-Import Bank of the United States basically provides credit support for Chinese-funded enterprises and Chinese-controlled joint ventures to import mechanical and electrical equipment or other products from the United States as long as the China government or the Bank of China issues a repayment guarantee; And basically does not provide seller's credit for exports to China to American-funded enterprises. This policy tendency deserves our consideration.

5. Accept payment in kind. At present, many developing countries are short of domestic foreign exchange and have a long-term trade deficit with China. China enterprises cannot accept payment in kind in overseas investment and overseas project contracting activities, which hinders the healthy development of bilateral relations. It is suggested to import strategic materials urgently needed by domestic economic development, such as oil, timber, fertilizer, edible oil, etc. If necessary, we can consider accepting payment in kind, expand the export of goods and services in China, and increase the import of scarce domestic resources, so as to achieve twice the result with half the effort.

6. Cancel the import restrictions on domestic strategic resources and scarce resources produced by overseas enterprises in China. One of the purposes of "going out" strategy is to make better use of international resources. Therefore, while encouraging domestic enterprises to go out and use international resources for production, we should lift the import restrictions on the products they produce, especially those scarce resources and national strategic resources that are urgently needed for national economic development.

7. Simplify tax refund procedures and speed up the progress of export tax refund. Changing "tax refund first" to "exemption, credit and refund" can reduce the tax refund fund flow of the state and export enterprises, help solve the problem of separation of tax collection and refund, promote the integration of tax collection and refund, effectively prevent export tax fraud, and help alleviate the financial pressure of export enterprises. Moreover, the tax method of "exemption, credit and refund" is a common export tax rebate management method in the world today, which is conducive to the integration of China's tax policy with the international community. In addition, because the tax rebate is calculated according to the taxes listed in the input invoice of the production enterprise, the complexity of export tax rebate may be transferred from foreign trade enterprises to production enterprises in the case of wide scope and large amount of tax rebate business. At present, the export tax rebate is fully borne by the central government, which is not conducive to ensuring export tax rebate funds and effectively curbing export tax fraud. Part of the tax rebate is borne by the local government, which is conducive to mobilizing the enthusiasm of local governments to crack down on export tax fraud, ensuring export tax rebate funds, reducing the pressure on export tax rebate funds of foreign trade enterprises and production enterprises, and further promoting exports.

8. Collect global information and establish a free and fast information database. The network era has made the point-to-point information exchange in the intangible market a reality. Whoever has more and faster information can seize the international market first and take the initiative in the competition. Therefore, the establishment of global information network is of great significance for enterprises to take the road of internationalization. At present, China generally feels the influence of international information three to six months later than western countries, which makes it difficult for China enterprises to develop their own leading fields. To this end, the state should not only speed up the construction of information industry, but also collect all kinds of information through various local business channels through China's overseas institutions, including the macroeconomic situation, market situation, investment opportunities, investment environment, preferential policies, administrative procedures and legal framework related to overseas investment in importing countries; It is also necessary to reduce the cost of information use and adopt state subsidies to enable enterprises to obtain global market information at the lowest cost.

(3) Protection and guarantee functions

1. Join international investment conventions and expand the scope of countries that have signed bilateral investment protection agreements. Signing an investment protection agreement between the government and the host country, avoiding double taxation, avoiding political risks and protecting national intellectual property rights are the fundamental and foundation for domestic enterprises to obtain overseas investment protection.

2. Establish a nationwide overseas investment insurance institution to provide political and economic insurance for overseas investment enterprises in China. Overseas investment insurance is underwritten by government agencies or public companies, which is essentially a national guarantee. Countries have specialized institutions, such as "overseas private investment companies" in the United States and "long-term export insurance department of the Ministry of International Trade and Industry" in Japan. Its insurance coverage is limited to political risks (expropriation insurance, foreign exchange insurance, war insurance, etc.). ), its insurance coverage is limited to domestic and overseas direct investment. According to this system, if an investor suffers from political risks after insurance, the insurance institution will compensate for the losses, and the insurance institution can obtain the right of subrogation and claim compensation from the host country according to the bilateral investment protection agreement signed with the importing country.