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Notice on supporting high-quality enterprises to borrow medium and long-term foreign debt to promote high-quality development of the real economy

National Development and Reform Foreign Investment Regulations [2024] No. 1037

Provinces、Autonomous Region、Municipality and cities under separate state planning、Xinjiang Production and Construction Corps Development and Reform Commission:

In order to continue to implement the Party Central Committee、Decision-making and deployment of the State Council，Further expand high-level opening up，Improve cross-border investment and financing facilitation，Support high-quality enterprises to better coordinate the two resources of domestic and international markets，Make full use of foreign debt funds to serve high-quality development、The positive role in improving the quality and level of international circulation，We are hereby notifying you of the following matters concerning the borrowing of medium and long-term foreign debts (hereinafter referred to as "borrowing of foreign debts") by high-quality enterprises:

一、Actively support the industry’s prominent position、Excellent credit、High-quality enterprises that play a leading role in promoting high-quality development of the real economy borrow foreign debt。At this stage, we focus on supporting companies that meet the following conditions:

(1) Comply with relevant regulations and requirements such as the "Measures for the Review and Registration of Medium- and Long-term Foreign Debts of Enterprises" (National Development and Reform Commission Order No. 56 of 2023);

(2) Production and operation comply with national macro-control and industrial policies;

(3) Ranking among the top five in the industry in terms of operating income in the past year，Indicators such as asset-liability ratio are better than the industry average;

(4) The enterprise’s international credit rating is investment grade (BBB- and above) or its domestic credit rating is AAA;

(5) Last three years，(1) There is no domestic or overseas debt default and there is no ongoing delay in payment of principal and interest;(2) No major violations of laws and regulations，Not included in the list of seriously dishonest subjects;(3) The financial statements have not been issued an adverse opinion or cannot express an opinion by a certified public accountant，If the certified public accountant issues a qualified opinion，The significant impact of the matters involved in the qualified opinion has been eliminated。

　二、For high-quality enterprises to apply for foreign debt review and registration，Our committee will base on the current management，Implement special review，Appropriately simplify relevant requirements，Speed ​​up the process。

(1) Enterprises can submit applications for annual planned consolidated foreign debt quotas including subsidiaries;

(2) If you apply for an international commercial loan，The signed loan agreement is temporarily unavailable、But those who can provide the loan institution’s intention document，Can be "vacated";When the enterprise should submit information to our committee after withdrawing the loan for the first time，Supplementary provision of relevant loan agreement;

(3) If applying for the Dafabet reviewsissuance of overseas bonds，The main underwriting agency has not yet been determined，Can be "vacated";Enterprises should submit information to our committee after the issuance of each overseas bond，Supplementary provision of due diligence report and authenticity commitment letter of the lead underwriting agency;

(4) Enterprises with a domestic credit rating of AAA and an international credit rating of A- or above，Legal opinions from professional institutions in application materials，Can be issued by the company’s internal legal or compliance department。

Three、When an enterprise applies for foreign debt review and registration，The reasons for applying high-quality corporate external debt management should also be explained，And provide relevant supporting materials。

Four、Enterprises should ensure the authenticity of declaration materials、Accuracy、Integrity。If there is anything to hide、False record、Misleading statements or material omissions，Our committee will punish them in accordance with the relevant regulatory measures of the "Measures for the Review and Registration of Enterprises' Medium and Long-term Foreign Debts"。

　五、Our committee will make overall arrangements based on the company’s application materials，Actively support high-quality enterprises of all types of ownership to borrow foreign debt，And will be based on national macro-control、Industrial policy and full-scale foreign debt situation，Promptly adjust the definition standards of high-quality enterprises。

Six、Provincial development and reform departments can combine local realities，Active service，Actively support and guide high-quality enterprises in the region to achieve stable development expectations、Enhance development confidence，Properly carry out medium and long-term foreign debt financing，Guide enterprises to use dafabet casino mobile appfunds raised from foreign debt to support the implementation of major national strategies、Help build a modern industrial system、Promote high-quality economic and social development。

Seven、Our committee will strengthen the coordination of high-quality development and high-level security，Continue to improve the interim and post-event supervision of foreign debt borrowing by high-quality enterprises，Effectively prevent foreign debt risks。

(1) Jointly establish a collaborative supervision mechanism with relevant departments and local development and reform departments，Supervise and inspect the borrowing of foreign debt by enterprises。

(2) Conduct random inspections on foreign debt borrowing by high-quality enterprises，Focus on checking the utilization rate of corporate foreign debt quota，Whether foreign debt funds are raised and used as required，Whether the borrowed foreign debt information has been submitted in a timely manner as required, etc.。

(3) Provincial development and reform departments should give full play to their territorial management advantages，Strengthen the supervision and inspection of the investment direction of funds raised by foreign debts of high-quality enterprises within the jurisdiction，Ensure that foreign debt funds are used in accordance with laws and regulations，Implement dynamic monitoring of debt solvency and risk warning，Urge enterprises to be prepared to repay principal and interest，Scientifically and effectively prevent foreign debt risks。

　八、Any statement made by our committee on high-quality enterprises and any decision made by our committee on their borrowing of foreign debt，Mainly based on corporate public information，Neither indicates the business risk to the enterprise、Debt repayment risk、Judge and guarantee litigation risks and related foreign debt risks or returns。Investors or lending institutions should make independent dafabet casino mobile appdecisions and bear their own risks。

　九、Real estate enterprises and local state-owned enterprises undertaking local government financing functions apply for foreign debt review and registration，Still managed according to the original regulations。

　十、This notice will be effective from July 29, 2024，Valid until July 29, 2029。

National Development and Reform Commission

July 12, 2024

Source: National Development and Reform Commission