What are the specific provisions of my country's "Interim Measures for Foreign Debt Management"? The Measures are divided into six chapters to regulate possible situations of foreign debt. The purpose is to allow foreign debt to be carried out in an orderly manner. The following is a detailed introduction to the "Interim Measures for the Management of Foreign Debt".
Chapter 1 General Provisions
Chapter 2 Guarantee
Chapter 3 Use
Chapter 4 Management
Chapter 5 Supervision
Chapter Six Supplementary Provisions
Interim Measures for Foreign Debt Management
Chapter 1 General Provisions
Article 1 is to strengthen the management of foreign debt, standardize the behavior of borrowing foreign debt, improve the efficiency of the use of foreign debt funds, and prevent foreign debt risks, Formulate these measures.
Article 2 The term "foreign debt" as mentioned in these Measures refers to debts expressed in foreign currencies borne by domestic institutions to non-residents.
Article 3 "Domestic institutions" as mentioned in these Measures refers to permanent institutions established in accordance with the law within the territory of China, including but not limited to government agencies, domestic financial institutions, Enterprises, institutions and social groups.
Article 4 "Non-residents" as mentioned in these Measures refers to institutions and natural persons outside China and their non-permanent institutions established in accordance with the law in China.
Article 5: According to the type of debt, foreign debt is divided into foreign government loans, international financial organization loans and international commercial loans.
(1) Foreign government loans refer to official credit borrowed by the Chinese government from foreign governments;
(2) Loans from international financial organizations refer to non-commercial credit borrowed by the Chinese government from the World Bank, Asian Development Bank, United Nations Fund for Agricultural Development and other international and regional financial institutions;
(3) International commercial loans,It refers to commercial credit borrowed by domestic institutions from non-residents. Including:
1. Borrowing from overseas banks and other financial institutions;
2. Borrowing from overseas enterprises , loans from other institutions and natural persons;
3. Overseas issuance of medium and long-term bonds (including convertible bonds) and short-term bonds (including commercial papers, large transferable certificates of deposit, etc. );
4. Buyer’s credit, deferred payment and other forms of trade financing;
5. International financial leasing;
6. Non-resident foreign currency deposits;
7. Cash exchange used in compensation trade Debt repayment;
8. Other types of international commercial loans.
Article 6 According to the division of repayment responsibilities, foreign debts are divided into sovereign foreign debts and non-sovereign foreign debts.
(1) Sovereign foreign debt refers to foreign debt borrowed by an agency authorized by the State Council on behalf of the country and repaid externally with a national credit guarantee.
(2) Non-sovereign foreign debt refers to other foreign debts other than sovereign foreign debt.
Guarantee provided by residents.
The potential external repayment obligations formed by external guarantees are contingent external debts.
Article 8 The state shall implement full-scale management of all types of foreign debts and contingent foreign debts. Foreign debt borrowing, external guarantees, and the use and repayment of foreign debt funds must comply with relevant national laws, regulations, and these Measures.
Article 9 The National Development Planning Commission, the Ministry of Finance and the State Administration of Foreign Exchange are the foreign debt management departments.
Chapter 2 Guarantee
Article 10 The National Development Planning Commission, together with relevant departments, shall provide social development needs, andThe balance of payments situation and the ability to withstand foreign debt, formulate the country's foreign debt borrowing plan, and reasonably determine the total amount and structural control targets for the full range of foreign debt.
Article 11 The state shall implement classified management of foreign debts based on the type of foreign debt, repayment liability and nature of the debtor.
Article 12 Loans from international financial organizations and foreign government loans shall be uniformly provided by the state.
The National Development Planning Commission, together with the Ministry of Finance and other relevant departments, formulates alternative project plans for loans from the World Bank, Asian Development Bank, United Nations Agricultural Development Fund and foreign governments. The Ministry of Finance According to the plan, we organize foreign negotiations, consultations, signing of loan agreements and on-lending to domestic debtors directly or through relevant financial institutions. Among them, alternative project plans for loans from the World Bank, Asian Development Bank, United Nations Fund for Agricultural Development and foreign governments in key countries must be approved by the State Council.
Article 13 The issuance of bonds overseas by the Ministry of Finance on behalf of the country shall be reported to the State Council for approval and included in the country's foreign debt borrowing plan. The issuance of medium and long-term bonds overseas by any other domestic institution shall be reviewed by the National Development and Planning Commission in conjunction with the State Administration of Foreign Exchange and submitted to the State Council for approval; the issuance of short-term bonds overseas shall be reviewed and approved by the State Administration of Foreign Exchange. If rolling issuance is set, the State Administration of Foreign Exchange shall The bureau will review and approve the project together with the National Development and Planning Commission.
Article 14 The state implements balance management on medium and long-term international commercial loans borrowed by state-owned commercial banks. The balance shall be reviewed by the National Development Planning Commission in conjunction with relevant departments and then reported to the State Council for approval. .
Article 15 Domestic Chinese-funded enterprises and other institutions must obtain approval from the National Development Planning Commission to borrow medium and long-term international commercial loans.
Article 16 The state shall implement balance management on short-term international commercial loans borrowed by domestic Chinese-funded institutions, and the balance shall be approved by the State Administration of Foreign Exchange.
Article 17 The state controls the total amount of foreign debt borrowed by domestic foreign-funded financial institutions, and specific measures will be formulated separately.
Article 18 The sum of the cumulative amount of medium- and long-term foreign debts borrowed by foreign-invested enterprises and the balance of short-term foreign debts shall be controlled within the total investment and registration of projects approved by the approval department Within the difference between capital.
Within the range of the difference, foreign-invested enterprises can borrow foreign debts on their own. If the difference exceeds the difference, the total project investment must be re-assessed by the original approval department.
Article 19: Domestic institutions providing external guarantees shall comply with national laws, regulations and relevant provisions of the foreign exchange management department.Article 20 Domestic institutions shall not provide guarantees for non-business overseas institutions.
Article 21 No government agency, social group, or public institution may borrow foreign debt or provide external guarantees without the approval of the State Council.
Article 22 After a domestic institution signs a loan contract or a guarantee contract with an external party, it shall go through registration procedures with the foreign exchange administration department in accordance with relevant regulations. An international commercial loan contract or guarantee contract must be registered before it can take effect.
Chapter 3 Use
Article 23 Foreign debt funds shall be mainly used for economic development and Structural adjustment of existing foreign debt.
Article 24: Mid- and long-term foreign preferential loans such as loans from international financial organizations and foreign government loans will be mainly used for basic and public welfare construction projects, and will be provided to the central and western regions The area is tilted.
Article 25: Medium- and long-term international commercial loans are mainly used for the introduction of advanced technology and equipment, as well as the adjustment of industrial structure and foreign debt structure.
Article 26: Medium- and long-term foreign debt funds borrowed by domestic enterprises shall be used reasonably and strictly in accordance with the approved purposes and shall not be misappropriated for other purposes. If it is really necessary to change the use, it shall be submitted for approval in accordance with the original procedures.
Article 27 Short-term foreign debt funds borrowed by domestic enterprises are mainly used for working capital and shall not be used for medium and long-term purposes such as fixed asset investment.
Article 28 Fixed asset investment projects using foreign debt funds shall implement a project legal person responsibility system, and the project legal person shall be responsible for the benefits of the use of foreign debt funds.
If bidding and procurement are required in accordance with the "Tendering and Bidding Law of the People's Republic of China" and the relevant regulations of foreign lending institutions, the regulations must be strictly followed.
Article 29 The foreign debt management department is responsible for the management and supervision of the use of foreign debt funds.
Article 30 The National Development Planning Commission shall, in accordance with the provisions of the "Inspection Measures for Major National Construction Projects", report to the usersMajor national construction projects funded by foreign debts are dispatched with special inspectors to inspect the implementation of the projects and the use of funds.
Chapter 4 Management
Article 31: Sovereign foreign debts shall be repaid by the state in a unified manner. If the sovereign foreign debt funds are on-lended by the Ministry of Finance to a domestic debtor directly or through a financial institution, the domestic debtor shall bear repayment liability to the Ministry of Finance or the on-lending financial institution.
Article 32: Non-sovereign foreign debts shall be repaid by the debtor at its own risk.
Article 33 The debtor may use its own foreign exchange funds to repay foreign debts, or may, with the approval of the foreign exchange management department, use RMB to purchase foreign exchange to repay foreign debts.
Article 34 If there is a guarantor for a foreign debt that the debtor cannot repay, the guarantor shall be responsible for repaying it.
Article 35 When the guarantor needs to perform external compensation obligations in accordance with the provisions of the guarantee contract, it shall go to the foreign exchange management department to go through the approval procedures for external guarantee performance.
Article 36 Debtors shall strengthen foreign debt risk management and timely adjust and optimize debt structures.
On the premise of not expanding the original scale of foreign debt, with the approval of the National Development Planning Commission, the debtor can reduce the debt by borrowing low-cost foreign debt and repaying high-cost foreign debt. Foreign debt costs and optimization of debt structure. Among them, those involving sovereign foreign debt must be approved by the Ministry of Finance.
Article 37: For the purpose of hedging, the debtor may entrust a financial institution with relevant qualifications to use financial instruments to avoid the exchange rate and interest rate risks of foreign debt.
Chapter 5 Supervision
Article 38 The foreign debt management department shall, in accordance with national laws, regulations and The relevant provisions of these Measures implement supervision on foreign debt and external guarantees.
Article 39: When performing supervisory duties, the foreign debt management department has the right to require debtors and relevant units to provide relevant information and inspect relevant accounts and assets.
Article 40: When a domestic institution borrows foreign debt or provides external guarantee, it fails to perform the required approval procedures or fails to register as required. or the guarantee contract is not legally binding.
Article 41 External loans or guarantees that are not embodied in the form of a loan contract or a guarantee contract, but actually constitute an external repayment obligation or a potential external repayment obligation, must Included in foreign debt supervision in accordance with these Measures.
Article 42 prohibits any disguised borrowing of foreign debt by guaranteeing a fixed return on foreign direct investment in violation of the principles of benefit sharing and risk sharing.
Article 43 Without the approval of the foreign debt management department, overseas Chinese-funded enterprises shall not transfer their own debt risks and debt repayment responsibilities within the country.
Article 44: Financial institutions engaged in foreign exchange business are found to have violated the provisions of these Measures when opening foreign exchange and foreign debt accounts for domestic institutions and handling foreign exchange fund transactions. The behavior of the foreign debt management department shall be promptly reported to the relevant foreign debt management department and the foreign debt management department shall be assisted in the investigation.
Article 45: Foreign debt management departments should keep abreast of foreign debt dynamics and establish and improve a full-scale foreign debt monitoring and early warning mechanism.
Article 46 The State Administration of Foreign Exchange is responsible for the statistical monitoring of foreign debt and publishes foreign debt statistics on a regular basis.
Article 47 If a domestic institution borrows foreign debt or provides external guarantees in violation of the provisions of these Measures, its competent department shall punish the directly responsible person in charge and other directly responsible personnel. Corresponding administrative sanctions shall be imposed in accordance with the law. Constitute a crime, be held criminally responsible.
Article 48 If any staff member of the foreign debt management department engages in malpractice for personal gain, abuses his power or neglects his duty, his or her department shall impose administrative sanctions in accordance with the law. Constitute a crime, be held criminally responsible.
Chapter 6 Supplementary Provisions
Article 49 Domestic institutions shall report to the Hong Kong and Macao Special Administrative Regions and Institutions in Taiwan that borrow debt or provide guarantees shall be managed in accordance with these Measures.
Article 50 The foreign debt management department shall formulate and improve relevant implementation rules in accordance with these Measures.
Article 51 The National Development Planning Commission, the Ministry of Finance and the State Administration of Foreign Exchange are responsible for the interpretation of these Measures.
Article 52 These Measures shall come into effect on March 1, 2003.
