China

JunHe LLP | English | AcademicThink | Dec. 12, 2025 | Regulation

境内企业境外发行可转债因其“债性保底+股性增值”的特点，成为2025年以来跨境融资的热门工具。此类可转债兼具债权和股权属性，助力企业以较低利率获得中长期融资，并通过转股优化资本结构，支持海外业务及研发。境外发行的可转债多为低息类型，配合灵活转股和赎回条款，满足全球投资者需求。

境内企业境外发行可转债须遵循多部门的监管体系，主要包括发改委的中长期外债审核登记、证监会的境外发行证券备案、外汇管理局的外债登记及变更手续、行业监管和国资管理等。发改委依据《56号令》监管境内企业及其控制的境外分支机构的外债借贷，要求发行前完成外债审核登记，且规定了企业判断标准和申报材料的详细要求。证监会依据《管理试行办法》进行境外发行证券备案，要求发行后3个工作日内完成备案，并提交备案报告、承诺书、法律意见书及募集说明书等文件。外汇管理局则负责外债的登记和转股后的变更登记，确保资金及股权变动的合规。

境外发行可转债的内部决策通常由股东会先授权，董事会细化具体发行方案，确保程序合规透明，并作为申报材料的重要内容。与境外发行相比，境内发行可转债需符合更严格的条件，包括法律法规限制、财务指标和信披要求，但相对简化登记流程，无需办理发改委和外汇局的外债注册手续。

总体来看，境外发行可转债为中国企业连接全球资本提供重要融资渠道，企业需精确掌握相关监管框架，规范决策及备案流程，合理制定时间安排，以便在政策允许范围内发挥可转债融资工具的优势，推动跨境融资稳健发展。

China Daily | English | News | Dec. 12, 2025 | UndeterminedEconomic Growth

The World Bank has raised its economic growth forecast for China in 2025 by 0.4 percentage points, reflecting a more optimistic outlook for the world's second-largest economy. This revision is attributed to supportive fiscal and monetary policies that have bolstered domestic consumption and investment.

Exports have also been sustained by demand from developing countries, contributing to the positive growth expectations. The World Bank emphasizes that China's future growth will increasingly rely on domestic demand rather than external factors.

Mara Warwick, division director for China, Mongolia, and Korea at the World Bank, highlighted the importance of short-term fiscal stimulus alongside structural reforms, particularly in the social protection system. She also called for a more predictable business environment to enhance confidence and support resilient, sustainable economic growth.

Global Times | English | News | Dec. 12, 2025 | Geopolitical Conflict and Disputes

The Chinese Foreign Ministry issued a travel advisory on December 11, 2025, urging Chinese nationals to avoid traveling to Japan following a series of earthquakes off eastern Honshu. The earthquakes, with the strongest measuring magnitude 7.5, have caused injuries, tsunamis, and evacuation orders for more than 100,000 residents. The advisory also recommends that Chinese citizens currently in Japan stay alert to earthquake warnings, follow evacuation instructions, avoid high-risk areas like beaches, and seek assistance from local authorities or Chinese diplomatic missions if needed.

This advisory represents the second warning from Chinese authorities within a month. The previous notice, issued on November 14, 2025, highlighted concerns over multiple criminal incidents against Chinese nationals in Japan, a worsening security environment, and controversial remarks by Japanese Prime Minister Sanae Takaichi regarding Taiwan, all of which adversely affected China-Japan exchanges and heightened risks for Chinese travelers.

The repeated travel warnings have led to a significant decline in Chinese visitors to Japan, severely impacting Japan's tourism sector. Cities such as Osaka, Japan's second-largest economic center, have faced substantial economic setbacks due to the decrease in Chinese tourists, who historically accounted for about 20% of Japan's total tourism revenue of 8.1 trillion yen. This downturn threatens one of the few positive contributors to Japan's economy.