At present, under the background of classified supervision of current account and capital account in China, it is difficult to verify the authenticity of trade financing under the background that capital account has not been fully opened.
For example, at present, forfaiting, invoice financing and other trade financing businesses have obvious off-balance-sheet characteristics, which are outside the monitoring field of balance of payments and foreign debt management. However, this part of the business actually forms the contingent foreign debts of banks and becomes a hidden channel for cross-border capital inflows. Moreover, the price of many overseas funds is obviously lower than that of domestic funds, and the foreign exchange funds of many trade financing products come from foreign banks. Take advantage of the low interest rate and low financing cost in overseas financial markets to transfer offshore funds to China for fixed or semi-fixed investment, so as to obtain high interest.
legal ground
Article 667 of the Civil Code of People's Republic of China (PRC) defines a loan contract as a contract in which the borrower borrows money from the lender, repays the loan at maturity and pays interest.
Article 668 A loan contract shall be in written form, except as otherwise agreed between natural persons. The contents of a loan contract generally include terms such as loan type, currency, purpose, amount, interest rate, term and repayment method.
Article 669 of the Civil Code of People's Republic of China (PRC) * * * The borrower shall provide the true information and be obliged to conclude a loan contract, and the borrower shall provide the true information about the business activities and financial status related to the loan according to the requirements of the lender.
Article 9 of the General Principles of Loans: Credit loans, secured loans and bill discounting:
Credit loan refers to the loan issued by the borrower's credit.
Secured loans refer to secured loans, mortgage loans and pledged loans.
Guaranteed loan refers to the promise made by a third party when the borrower fails to repay the loan by the guarantee method stipulated in the Guarantee Law of People's Republic of China (PRC). Loans issued with general guarantee liability or joint liability as agreed.
Mortgage loan refers to the loan issued with the property of the borrower or a third party as collateral according to the mortgage method stipulated in the Guarantee Law of People's Republic of China (PRC).
Pledged loan refers to the loan issued with the movable property or rights of the borrower or the third party as the pledge according to the provisions of the Guarantee Law of People's Republic of China (PRC).
Bill discount refers to the loan issued by the lender in the form of purchasing the borrower's unexpired commercial paper.
Article 10 Loans are divided into credit loans and secured loans according to whether they are secured or not.
Credit loan refers to an unsecured loan based only on the borrower's credit status.
A secured loan refers to a loan provided by the borrower or a third party according to law. Secured loans include secured loans, mortgage loans and pledged loans.
Guaranteed loan, mortgage loan or pledge loan refers to the loan issued by way of guarantee, mortgage or pledge as stipulated in the Guarantee Law of People's Republic of China (PRC) (repealed on 202 1 1).