外债管理暂行办法 Administration of Foreign Debts Tentative Procedures

onal financial organizations and loans from foreign governments shall be focused on infrastructure and public welfare construction projects， with priority for central and western regions.

　　Article 25　Utilization of medium- and long-term international commercial loans shall be focused on imports of advanced technology and equipment， and 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 strictly in compliance with the approved purposes， and shall not be appropriated for other purposes. If it is indeed necessary to change the purposes， approval shall be obtained according to the original procedures.

　　Article 27　Short-term foreign debt funds borrowed by domestic enterprises shall mainly be used as working capital and may not be used for medium- and long-term purposes such as fixed assets investment.

　　Article 28　The responsibility system for project legal person shall be implemented for fixed assets investment projects that utilize foreign debt funds. Project legal persons shall be responsible for the beneficial utilization of foreign debt funds.

　　Where procurement by invitation of bids is required according to the PRC， Invitation and Submission of Bids Law and other relevant provisions concerning foreign loan institutions， it shall be carried out strictly in compliance with the provisions.

　　Article 29　The administrative department of foreign debt shall be responsible for the administration and supervision of utilization of foreign debt funds.

　　Article 30　The State Development Planning Commission shall， in accordance with the provisions of the Auditing Major State Construction Projects Procedures， designate special inspectors for major State construction projects that utilize foreign debt funds to conduct audit on the implementation of the projects and utilization of funds.

　　PART FOUR　REPAYMENT OF FOREIGN DEBTS AND RISK MANAGEMENT

　　Article 31　The State shall repay sovereign foreign debts uniformly. If the funds of the sovereign foreign debts have been on-lent to domestic debtors by the Ministry of Finance directly or through financial institutions， the domestic debt

ors shall undertake the liability for repayment to the Ministry of Finance or the financial institutions that on-lent the loan.

　　Article 32　Debtors of non-sovereign foreign debts shall undertake the risk and repay the debts on their own.

　　Article 33　Debtors may repay foreign debts with their own foreign exchange funds， or by purchasing foreign exchange with Renminbi to repay foreign debts upon approval of the foreign exchange control authorities.

　　Article 34　If a debtor， who has a guarantor， is unable to repay foreign debts， the guarantor shall be responsible for the repayment.

　　Article 35　When a guarantor is required to fulfil the obligations of security provided to foreign entities based on the provisions of the security contract， he shall handle the procedures for verification and approval of fulfilling the provision of security to foreign entities at the foreign exchange control authority.

　　Article 36　Debtors shall strengthen risk management on foreign debts， and appropriately adjust and optimize the debt structure.

　　Under the pre-requisite of not expanding the scale of the original foreign debt， a debtor may reduce the cost of the foreign debt and optimize the debt structure by way of borrowing low-cost foreign debts to repay high-cost foreign debts upon approval of the State Development Planning Commission. Where it involves a sovereign foreign debt， the approval of the Ministry of Finance shall be required.

　　Article 37　For the purposes of maintaining value and avoiding risks， debtors may entrust financial institutions with relevant qualifications to utilize the financial vehicles to avoid the exchange rate and interest rate risks of foreign debts.

　　PART FIVE　REGULATION OF FOREIGN DEBTS

　　Article 38　The administrative department of foreign debt shall implement regulation of foreign debts and provision of security to foreign entities according to the laws and regulations of the State， and the relevant provisions herein.

　　Article 39　When the administrative department of foreign debt performs its duties of regulation， it shall have the right to request the debtor and the relevant work unit to provide relevant information and check the relevant accounts and assets.

　　Article 40　Where a domestic institution fails to handle the required examination and approval procedures or register according to provisions when it borrows foreign debts or provides security to foreign entities， the loan contract or security contract it signed with foreign entities shall not have any legally binding force.

　　Article 41　An external loan or security that does not appear in the form of loan contract or security contract but in fact constitutes repayment obligation or potential repayment obligation to foreign entities shall be included in the regulation of foreign debts according to these Procedures.

　　Article 42　Violation of the principles of profit and risk sharing in order to borrow foreign debts in such disguised form as guaranteeing fixed return for direct investment of foreign investors shall be prohibited.

　　Article 43　Chinese-invested enterprises outside China may not transfer the debt risk and repayment liability undertaken by themselves into China without the approval of the administrative departments of foreign debt.

　　Article 44　When a financial institution engaged in foreign exchange business discovers an act that violates the provisions hereof in the course of opening foreign exchange and foreign debt accounts for domestic institutions and handling foreign exchange fund transactions， it shall report to the relevant administrative department of foreign debt in a timely manner and assist the department in investigation.

　　Article 45　The administrative departments of foreign debt shall keep abreast of the development of the foreign debts， establish and perfect the overall foreign debt monitoring and ala

rming mechanism.

　　Article 46　The State Administration of Foreign Exchange shall be responsible for the statistical monitoring of foreign debts， and shall periodically announce the foreign debt statistics.

　　Article 47　If a domestic institution， in violation of these Procedures， borrows foreign debts or provides security to foreign entities， the department in charge shall impose the relevant administrative penalty on the personnel directly in charge and other directly responsible personnel according to law. If a criminal offence is constituted， its criminal liability shall be pursued according to law.

　　Article 48　If personnel of the administrative departments of foreign debt practises graft， abuses his power or is derelict in his duties， he shall be subjected to administrative penalty by the department in which he works according to law. If a criminal offence is constituted， his criminal liability shall be pursued according to law.

　　PART SIX　SUPPLEMENTARY PROVISIONS

　　Article 49　The borrowing of debts from or provision of security for institutions in Hong Kong and Macao Special Administrative Regions， and Taiwan region by domestic institutions shall， mutatis mutandis， be handled in accordance with these Procedures.

　　Article 50　The administrative departments of foreign debt shall formulate and perfect the relevant implementing rules according to these Procedures.

　　Article 51　The State Development Planning Commission， the Ministry of Finance and the State Administration of Foreign Exchange are in charge of interpreting these Procedures.

　　Article 52　These Procedures shall be implemented as of 1 March 2003

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