Circular of the State Administration of Foreign Exchange on the Transitional Policy and Measures after Canceling Administrative Examination and Approval of Foreign Exchange Administration of Some Capital Projects
Circular of the State Administration of Foreign Exchange on the Transitional Policy and Measures after Canceling Administrative Examination and Approval of Foreign Exchange Administration of Some Capital Projects
Circular of the State Administration of Foreign Exchange on the Transitional Policy and Measures after Canceling Administrative Examination and Approval of Foreign Exchange Administration of Some Capital Projects
Hui Fa [2003] No.50
April 3, 2003
Branches and foreign exchange administration departments under the State Administration of Foreign Exchange in provinces, autonomous regions and municipalities directly under the Central Government, and branch administrations of Shenzhen, Dalian, Qingdao, Xiamen, Ningbo:
Decisions of the State Council on Canceling the First Batch of Administration Examination and Approval Projects (Guo Fa [2002] No.24) and the Decisions of the State Council on Canceling the Second Batch of Administration Examination and Approval Projects and Altering the Administrative Methods for Some Administration Examination and Approval Projects (Guo Fa [2003] No.5) have been promulgated. In order to ensure the smooth linking of the administration of capital projects and avoid disjoint after cancellation of relevant administration examination and approval projects, relevant policy and measures for the transitional period are hereby made as follows:
Article 1 Cancellation of examinations and approvals on the financing conditions of long-and-medium-term foreign debts of domestic Chinese-capital organizations, on the financial conditions of financing and leasing of domestic Chinese-capital organizations, on the time selection and financing conditions for issuing debts abroad, and on the financial conditions for project financing.
After cancellation of relevant examinations and approvals, in borrowing medium-long term foreign debts, issuing medium-long term bonds denominated in foreign exchange, conducting aircraft financial leasing and project financing, Chinese-capital organizations shall no longer be required to go through examination and approval formalities with administration of foreign exchange on terms of relevant financing as they shall only be obliged to handle procedures on registration of foreign debts on a case by case basis after conclusion of borrowing contracts.
During the course of the Chinese-capital organizations going through formalities of registration of foreign debts for above items and during the course of enterprises with foreign investment going through formalities of registration of foreign debts for project financing, capital raising and aircraft financial leasing, the branches and sub-branches of administration of foreign exchange shall handle the registration in accordance with following procedures:
(I) All branches and sub-branches of the administrations of foreign exchange shall verify borrowing qualifications of borrowers according to operational procedures on borrowing qualifications concerning medium-long term international commercial loans, project financing, aircraft financial leasing, issuance of bonds denominated in foreign exchange(see Attachment 1, Attachment 2, Attachment 3, Attachment 4).
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