境内机构借用国际商业贷款管理办法 Administration of Taking Out of International Commercial Loans by Organizations in

[97]汇政发字第06号
(Promulgated by the the State Administration of Foreign Exchange on 24 September 1997 and effective from 1 January 1998.)
颁布日期：19970924 　实施日期：19980101 　颁布单位：国家外汇管理局

　　PART ONE　GENERAL PROVISIONS

　　Article 1　The Procedures are formulated in accordance with the PRC, Foreign Exchange Control Regulations and the relevant regulations of the State Council in order to improve administration of international commercial loans.

　　Article 2　The term "international commercial loans" as used in the Procedures refers to loans, contractually obligated to be repayable in foreign currencies, taken out by organizations in China from financial institutions, enterprises, individuals or economic organizations outside the People's Republic of China (hereafter, the "PRC") and foreign-owned financial institutions inside the PRC.

　　Export credit, international financing lease, compensation trade repayable in the form of foreign exchange, foreign exchange deposits of organizations and individuals outside of the PRC (excluding foreign exchange deposits in banks that have been granted approval to engage in offshore business), project financing, trade financing for over 90 days and foreign exchange loans in other forms shall be administered as international commercial loans.

　　Article 3　The People's Bank of China is the examination and approval authority for the taking out of international commercial loans by organizations in China.

　　The People's Bank of China authorizes the State Administration of Foreign Exchange (hereafter, the "SAFE") and its branch offices to take actual responsibility for the examination, approval, supervision and administration of the taking out of international commercial loans by organizations in China.

　　Article 4　The taking out of international commercial loans by organizations in China shall be subject to approval by the SAFE. Without its approval, any international commercial loan agreements concluded with foreign entities shall not come into effect. The SAFE shall not administer foreign debt registration for the loans, nor shall banks open a special foreign debt account. No principal and interest of the loans shall be remitted abroad.

　　Article 5　Organizations in China that are allowed to take out international commercial loans shall be restricted to:

　　1. Chinese-funded financial institutions approved by the SAFE to engage in foreign exchange borrowing business;

　　2. non-financial enterprise legal persons approved by authorities authorized by the State Council.

　　Article 6　Taking out of international commercial loans by financial institutions shall be in line with the regulations of the People's Bank of China on administration of foreign exchange assets and liabilities ratio of financial institutions.

　　Article 7　Non-financial enterprise legal persons taking out international commercial loans directly from foreign entities shall meet the following requirements:

　　1. having gained profits successively for the past three years, having been granted permission for import and export business and being in a line of business that is encouraged by the State;

　　2. applying a sound financial management system;

　　3. the ratio between net assets and total assets of trade-orientated non-financial enterprise legal persons shall not be lower than 15%; the ratio between net assets and total assets of non-trade-orientated non-financial enterprise legal persons shall not be lower than 30%;

　　4. the sum of international commercial loans taken out and the balance of guarantees provided to foreign entities shall not exceed 50% of its net assets equivalent in foreign exchange;

　　5. the sum of the loans in foreign exchange and the balance of guarantees in foreign exchange provided to foreign entities shall not exceed the amount of foreign exchange it has generated in t

he previous year.

　　Article 8　Organizations in China shall take out international commercial loans from foreign entities by virtue of their own credit standing and shall undertake repayment liability on its own.

　　Article 9　Organizations in China shall strengthen their cost control in taking out international commercial loans from foreign entities. Their total loan cost shall not be higher than the total loan cost of the same period of borrowing organizations of the same grade of credit in the international financial market.

　　The SAFE shall supervise and guide organizations in China for their cost control in taking out international commercial loans.

　　Article 10　Organizations in China taking out international commercial loans shall submit to the SAFE statements on their loan situation in the previous quarter within the first ten days of each quarter, as well as annual report on the use of international commercial loans, in accordance with SAFE regulations.

　　Article 11　The SAFE shall have the right to examine the raising, using and repaying of international commercial loans by organizations in China. The borrowing organizations shall co-operate and submit the necessary documents and information.

　　Article 12　Without the SAFE's approval, organizations in China are not allowed to deposit abroad the international commercial loans they take out, to effect direct payment outside China or to convert them to Renminbi (hereafter, "Rmb") for use.

　　PART TWO　MEDIUM-TERM AND LONG-TERM INTERNATIONAL COMMERCIAL LOANS

　　Article 13　The term "medium-term and long-term international commercial loans" as used in the Procedures refers to international commercial loans with terms of over one year, including usance letters of credit with terms of over one year.

　　Article 14　Medium-term and long-term international commercial loans taken out by organizations in China shall be included in the State plan for using foreign funds.

　　Article 15　Organizations in China taking out medium-term and long-term international commercial loans shall apply to the SAFE and submit all or part of the following information:

　　1. documents evidencing that the loan has been included in the State plan for using foreign funds;

　　2. certificate of approval relating to the establishment of the loan project;

　　3. letters of intent on loan conditions, including the names of creditors, loan currencies and amounts, loan periods and grace periods, interest rates, expenses, intent of pre-payment and other financial terms;

　　4. sources of funds for repayment, repayment schedules and details of foreign exchange guarantees;

　　5. balance sheets and other financial statements in foreign exchange or Renminbi of the last three years verified by an accountant firm;

　　6. other information that the SAFE considers necessary to be provided.

　　In cases where branch offices of financial institutions need to take out medium-term or long-term international commercial loans from foreign entities, they shall provide, in addition to the information stipulated in the previous article, the relevant documents of authorization by their head offices.

　　Article 16　National organizations located in Beijing taking out international commercial loans from foreign entities shall report directly to the SAFE for examination and approval. National organizations not located in Beijing and local organizations taking out loans from foreign entities shall first be examined by the local SAFE branches, which shall then report to the SAFE for examination and approval.

　　Branch offices of national or local financial institutions may seek approval in accordance with the above procedures only if they have been authorized by their head offices.

　　PART THREE　SHORT-TERM INTERNATIONAL COMMERCIAL LOANS

　　Article 17　The term "short-term international commercial

loans" as used in the Procedures refers to international commercial loans with terms within one year (including those of one year), including interbank loans in foreign exchange, outward documentary bills, packing credit and usance letters of credit with terms of over 90 days and under 365 days and others.

　　Article 18　Short-term international commercial loans are not allowed to be used for long-term project investment, loans for fixed assets or other improper uses.

　　Article 19　The SAFE shall implement control of the outstanding balance of short-term international commercial loans taken out by organizations in China.

　　Article 20　The controlled quota of the outstanding balance of short-term international commercial loans (hereafter, "short-term loan quota") shall be annually determined by the SAFE.

　　The outstanding balance of short-term international commercial loans taken out by organizations in China must not exceed the approved quota.

　　Article 21　The short-term loan quotas of national financial institutions and non-financial enterprise legal persons shall be notified by the SAFE after examination and determination.

　　The short-term loan quotas of local financial institutions and non-financial enterprise legal persons shall be examined and approved by the local SAFE branches within the short-term loan quotas determined by the SAFE.

　　Article 22　Chinese-funded financial institutions which have been approved by the SAFE to engage in international settlement business shall formulate procedures on administration of usance letters of credit and submit the same to the SAFE for approval.

　　Chinese-funded financial institutions shall open usance letters of credit in accordance with the Procedures on administration of usance letters of

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