“假外资”:现状、危害、成因与对策

Disguised Foreign Direct Investment: Status Quo, Harm, Reasons & Countermeasures

在我国所吸收的外商直接投资（FDI）中，约有20％～25％为“假外资”（返程投资），它们大部分为国内民营企业（主）所为；“假外资”的泛滥不仅使我国吸收外资的目标难以实现，打了一定折扣，而且对外资政策和金融监管提出了挑战，带来了一系列问题；“假外资”产生的原因较为复杂，主要与对外资实行超国民待遇、国内企业“套税”、私有财产保护不力、洗钱以及招商引资行政化、民营企业融资难等因素有关；治理“假外资”，必须疏、堵结合，双管齐下，对内外资一视同仁，加强金融监管，打击资金外逃、洗钱等非法活动。

There is about 20%-25% disguised foreign capital （return investment） of the foreign direct investment （FDI） in China, which is mostly conducted by the domestic private companies or entrepreneurs. The spreading unchecked of disguised foreign capital not just resulted in that the purpose of absorbing foreign capital is hard to be accomplished, but also challenged the foreign capital and financial supervision and caused a series of questions. The reasons for disguised foreign capital are complicated, which mainly related to the super national treatment for foreign capital, hedging of tax for domestic companies, unsound protection of private property, money laundering administratively drawing foreign capital and business, uneasy financing for private companies and other factors. To deal with the disguised foreign capital, the government must take the actions to dredge and block up at the same time, such as offering the equal treatment to domestic capital and foreign capital, strengthening financial supervision, cracking down capital flee and money laundering and so on.