Administrative Measures for Review and Registration of Medium- and Long-term Foreign Debts of Enterprises
Administrative Measures for Review and Registration of Medium- and Long-term Foreign Debts of Enterprises
Administrative Measures for Review and Registration of Medium- and Long-term Foreign Debts of Enterprises
Order of the National Development and Reform Commission of the People's Republic of China No. 56
January 5, 2023
The Administrative Measures for Review and Registration of Medium-and Long-term Foreign Debts of Enterprises, deliberated and adopted at the 25th executive meeting on December 29, 2022, are hereby released and shall come into force on February 10, 2023.
He Lifeng, Chairman
Administrative Measures for Review and Registration of Medium-and Long-term Foreign Debts of Enterprises
Chapter I General Provisions
Article 1 These Measures are enacted in accordance with the Securities Law of the People's Republic of China, the Administrative Licensing Law of the People's Republic of China, the Administrative Regulations of the People's Republic of China on Foreign Exchange, and other applicable laws and regulations, to promote the healthy and orderly development of overseas financing of enterprises, to improve the efficiency in the use of medium- and long-term foreign debts, to provide practical support for the development of the real economy, and to effectively prevent foreign debt risks.
Article 2 The medium- and long-term foreign debts of enterprises ("foreign debts") mentioned in these Measures refer to debt instruments with a maturity of one year or more that are borrowed from overseas by enterprises within the territory of the People's Republic of China and by overseas companies or branches controlled by them, denominated in local or foreign currency, and of which principal with interest are repaid as agreed.
Enterprises mentioned in these Measures include various types of non-financial enterprises and financial enterprises. The term "control" mentioned in these Measures means direct or indirect holding of more than half of the voting rights of an enterprise or the capability of dominating the operation, finance, personnel, technology, and other major matters of the enterprise though not holding more than half of the voting rights.
Debt instruments mentioned in these Measures include, but are not limited to, senior debts, perpetual debts, capital debts, medium-term notes, convertible bonds, exchangeable bonds, financial leasing, and commercial loans.
Article 3 The National Development and Reform Commission (the "NDRC") shall, within its area of duties defined by the State Council, be responsible for the review and registration management of foreign debts of eligible enterprises, based on the principles of "controlling the total amount of debts, optimizing the structure, serving the real economy, and guarding against risks".
Article 4 Enterprises that borrow foreign debts shall undergo formalities for review and registration of foreign debts under the provisions hereof, report and disclose relevant information, optimize the use of foreign debts, manage risks in an effective manner, and cooperate with supervision and inspection.
Article 5 The NDRC shall establish a network system for enterprise foreign debt review and registration management and services (the "network system"). Enterprises may apply for foreign debt review and registration, report relevant information, etc. through the network system; and for matters that are not suitable for using the network system, enterprises may submit paper materials. The NDRC will release an online application guidance.
Chapter II The Size and Use of Foreign Debts
Article 6 The NDRC shall rationally adjust and regulate the total amount and structure of foreign debts of enterprises, based on the needs of national economic and social development, as well as the balance of payments position and foreign debt carrying capacity.
Article 7 Enterprises shall use foreign debt funds in their main businesses, which is conductive to cooperating in the implementation of major national strategies and supporting the development of the real economy.
Article 8 An enterprise may independently decide to use foreign debt funds at home and abroad according to its own credit status and actual needs, and the use shall meet the following conditions:
1.
......
Order of the National Development and Reform Commission of the People's Republic of China No. 56
January 5, 2023
The Administrative Measures for Review and Registration of Medium-and Long-term Foreign Debts of Enterprises, deliberated and adopted at the 25th executive meeting on December 29, 2022, are hereby released and shall come into force on February 10, 2023.
He Lifeng, Chairman
Administrative Measures for Review and Registration of Medium-and Long-term Foreign Debts of Enterprises
Chapter I General Provisions
Article 1 These Measures are enacted in accordance with the Securities Law of the People's Republic of China, the Administrative Licensing Law of the People's Republic of China, the Administrative Regulations of the People's Republic of China on Foreign Exchange, and other applicable laws and regulations, to promote the healthy and orderly development of overseas financing of enterprises, to improve the efficiency in the use of medium- and long-term foreign debts, to provide practical support for the development of the real economy, and to effectively prevent foreign debt risks.
Article 2 The medium- and long-term foreign debts of enterprises ("foreign debts") mentioned in these Measures refer to debt instruments with a maturity of one year or more that are borrowed from overseas by enterprises within the territory of the People's Republic of China and by overseas companies or branches controlled by them, denominated in local or foreign currency, and of which principal with interest are repaid as agreed.
Enterprises mentioned in these Measures include various types of non-financial enterprises and financial enterprises. The term "control" mentioned in these Measures means direct or indirect holding of more than half of the voting rights of an enterprise or the capability of dominating the operation, finance, personnel, technology, and other major matters of the enterprise though not holding more than half of the voting rights.
Debt instruments mentioned in these Measures include, but are not limited to, senior debts, perpetual debts, capital debts, medium-term notes, convertible bonds, exchangeable bonds, financial leasing, and commercial loans.
Article 3 The National Development and Reform Commission (the "NDRC") shall, within its area of duties defined by the State Council, be responsible for the review and registration management of foreign debts of eligible enterprises, based on the principles of "controlling the total amount of debts, optimizing the structure, serving the real economy, and guarding against risks".
Article 4 Enterprises that borrow foreign debts shall undergo formalities for review and registration of foreign debts under the provisions hereof, report and disclose relevant information, optimize the use of foreign debts, manage risks in an effective manner, and cooperate with supervision and inspection.
Article 5 The NDRC shall establish a network system for enterprise foreign debt review and registration management and services (the "network system"). Enterprises may apply for foreign debt review and registration, report relevant information, etc. through the network system; and for matters that are not suitable for using the network system, enterprises may submit paper materials. The NDRC will release an online application guidance.
Chapter II The Size and Use of Foreign Debts
Article 6 The NDRC shall rationally adjust and regulate the total amount and structure of foreign debts of enterprises, based on the needs of national economic and social development, as well as the balance of payments position and foreign debt carrying capacity.
Article 7 Enterprises shall use foreign debt funds in their main businesses, which is conductive to cooperating in the implementation of major national strategies and supporting the development of the real economy.
Article 8 An enterprise may independently decide to use foreign debt funds at home and abroad according to its own credit status and actual needs, and the use shall meet the following conditions:
1.
......