Recently, a piece of news caught my particular attention. It was about the National Development and Reform Commission, the Ministry of Commerce, the People's Bank of China, the Ministry of Foreign Affairs, and the All-China Federation of Industry and Commerce jointly issuing the "Code of Conduct for Overseas Investment and Operations of Private Enterprises" (hereinafter referred to as the Code) on the 18th, in response to certain investment risk tendencies in the current outward development of private enterprises. The Code provides guidance and regulation for private enterprises' overseas investment and operations from five aspects, including improving the management system.

The fact that five national departments have issued a document to regulate the overseas investment and operations of private enterprises, with such strong targeting, is no small matter. It indicates that there are indeed problems with private enterprises' overseas investment, or at least that the development trend is not right. According to the spokesperson of the National Development and Reform Commission, in recent years, private enterprises have significantly accelerated their "going global" pace, making positive contributions to driving the export of related products, technologies, and services, promoting domestic industrial transformation and upgrading, and advancing the "Belt and Road" initiative. However, at the same time, some enterprises' overseas investments have also seen problems such as irregular operations, blind decision-making, vicious competition, and neglect of quality and safety management.

The purpose of the Code compiled by the five national departments is to help private enterprises understand risks, prevent risks, and enhance their risk prevention and control capabilities in overseas investment activities, while promoting the healthy and orderly development of China's outbound investment. The Code points out that private enterprises' overseas investment must not involve illegal acquisition of foreign exchange, asset transfer, money laundering, etc., through false overseas investment.

Private enterprises' overseas investment must not involve illegal acquisition of foreign exchange, asset transfer, money laundering, etc., through false overseas investment. So that's where the problem lies! To this end, the document guides and regulates private enterprises' overseas investment and operations from five aspects: first, improving the management system; second, operating in accordance with the law, regulations, and integrity; third, effectively fulfilling social responsibilities; fourth, focusing on resource and environmental protection; fifth, strengthening overseas risk prevention and control. The Code requires that private enterprises' overseas investment should actively apply for filing or approval in accordance with relevant regulations. Overseas investment involving sensitive countries and regions or sensitive industries must obtain approval; other situations require filing. For projects that private enterprises are tracking overseas and intend to use credit insurance from Chinese financial institutions, they must not make external financing or insurance commitments before obtaining the loan and insurance intention letters issued by the relevant financial institutions. Private enterprises' overseas investment and operations should adhere to fair competition, resolutely resist commercial bribery, and must not bribe local public officials, officials of international organizations, or relevant personnel of affiliated enterprises. They must not collude in bidding, must not discredit competitors, must not falsely publicize performance, or adopt other unfair competition methods.

Regarding the several "must nots" mentioned by the five national departments, what I want to say is: regardless of the necessity of resolutely resisting commercial bribery, not colluding in bidding, not discrediting competitors, and not falsely publicizing performance, otherwise problems will eventually arise. Merely speaking of private enterprises' overseas investment, if they illegally acquire foreign exchange, transfer assets, and engage in money laundering through false overseas investment, I believe this is not only not a smart move but downright foolish! The reason is simple: any economic activity is influenced by politics. Foreign countries are not China. Once the politics of the host country change, asset security will be endangered. In addition, serious illegal acts such as transferring assets abroad and money laundering, no matter how "sneaky" they are done, will eventually be exposed. Such behavior not only harms national interests but also provides no real protection for the transferred assets and even has the suspicion of "treason." Ultimately, it will be severely punished by national law! Have you not seen that many corrupt officials who transferred assets and even fled abroad found that foreign countries are not the "paradise" they imagined? With international cooperation, have they not all been wanted and investigated, and eventually captured one after another? ...

As the saying goes: A gentleman loves wealth and acquires it in a proper way. As long as it is legal operation, money is safest in China. Otherwise, there will be trouble. At this point, back to the main topic. As media professionals in two major industries, I hope that private enterprises in the deep foundation engineering and piling machinery manufacturing industries will operate honestly, "go global" relying on continuously strengthening soft and hard power, and stand at the forefront with sustained innovative development momentum. And they must never engage in foolish acts like fraud, opportunism, illegal operations, or "lifting a rock to drop it on their own feet"!