Circular of the National Development and Reform Commission on Supporting the Direct Financing of Quality Enterprises to Further Enhance the Capacities of Corporate Bond to Serve Real Economy
Circular of the National Development and Reform Commission on Supporting the Direct Financing of Quality Enterprises to Further Enhance the Capacities of Corporate Bond to Serve Real Economy
Circular of the National Development and Reform Commission on Supporting the Direct Financing of Quality Enterprises to Further Enhance the Capacities of Corporate Bond to Serve Real Economy
Fa Gai Cai Jin [2018] No. 1806
December 5, 2018
The reform and development commission of each province, autonomous region, municipality directly under the Central Government, city specifically designated in the state plan, Xinjiang Production and Construction Corps:
In order to thoroughly carry out the decision-making deployment of the Central Committee of the Communist Party of China and the State Council on enhancing the capabilities of finance to serve real economy, further strengthen the capabilities of corporate bond to serve real economy, play a good role in the battle of preventing and resolving major risks, increase the proportion of direct financing, optimize bond financing services and promote the economy to achieve high-quality development, relevant matters concerning issuance of corporate bonds by quality enterprises are hereby notified as follows:
I. We support quality enterprises with good credit, stable operation, leading role in industrial structure transformation and upgrading or regional economic development to issue corporate bonds. At the present stage, our focus will be placed on supporting quality enterprises that meet the following requirements:
1. Corporate credit rating reaches AAA.
2. Main business and financial indicators are in the leading position throughout the industry or region (Annex 1).
3. Production and operation are in line with national industrial policies and macro-control policies.
4. In the past three years, there was neither default on corporate credit bonds or other debts, nor deferred payment of principal and interest in a continuous state.
5. In the past three years, there were no major violation of laws or regulations, nor record of being included into the discredit blacklist.
6. During the reporting period, no certified public accountant issued a negative opinion or a disclaimer of opinion on any financial statement. Where any certified public accountant ever issued a qualified opinion, the significant impact of matters involved therein has been eliminated.
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