On The Centralized Management Of Foreign Exchange Funds Of Overseas Engineering Enterprises

On December 1,2012, the foreign exchange funds centralized operation management pilot work of headquarters of multinational companies in Beijing had started,7 multinational companies which headquarters registered in Beijing had qualified the launch of pilot projects. The pilot business run smoothly in fisrt month, total amount of $1.93 billion had been transferred from all sectorers, achieved national initiative in many fields, great convenience for capital operation of multinational company headquarters in Beijing, preliminary revealed the foreign exchange management policy’s support of the development of the real economy, improve the level of foreign capital utilization effect.In April 2014, the State Administration of Foreign Exchange on the basis of pilot since the end of 2012, issued the<state administration of foreign exchange on the multinational companies of foreign exchange funds centralized operation management regulations>, and implement on June lst.The launch of the regulations for multinationals in China funds centralized management service has brought great opportunity for innovation.In recent years, enterprises of China’s foreign contracted projects have become more and more strong, business scale ranked global markets’s NO.1, and made positive contributions for the world economy development win-win results. In 2015, according to data released by the ministry of commerce of China, China’s foreign contracted projects business new signing contracts can achieve$210.07 billion.Sinopec Engineering Group(SEG), as China’s largest petrochemical engineering company, also "go out" actively, take advantage of its integration, take part in the global petrochemical engineering market, and have achieved a certain market share in Asian countries such as Saudi Arabia, Oman, Kuwait and Kazakhstan.As a subsidiary of SEG, Sinopec of Nanjing Engineer Incorporation (SNEI), unique in the SINOPEC overseas business’s development, started earliest and growing fastest. As an employee of SNEI since 2008, I have been worked in financial department of Saudi KayanNatural Detergent Alcohol Project(NDA), responsible for the financial management during the project execution. For the operation of foreign exchange funds in SINOPEC have some own opinions.For the engineering enterprise’s foreign exchange funds centralized management as the research object, analyze changes and opportunities about regulations, based on foreign exchange funds management related theory as the guidance, to share experiences from the China’s construction enterprise management practice of foreign exchange funds. Solve the main problems of overseas engineer enterprises about the foreign exchange funds centralized management. At the same time, looking forward to the future under the new pattern of a new round of global "Currency War" and the implement of "One Belt And One Road" strategy.