Chapter 1 General Provisions Article 1 These Measures are formulated in order 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. 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 The term "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 The term "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 within China. Article 5 According to the classification of debt types, foreign debts are divided into foreign government loans, international financial organization loans and international commercial loans.

(1) Foreign government loans refer to the official credit borrowed by the Chinese government from foreign governments;

(2) Loans from international financial organizations refer to the Chinese government’s loans from the World Bank, Non-commercial credit lent by the Asian Development Bank, the United Nations Fund for Agricultural Development and other international and regional financial institutions;

(3) International commercial loans refer to loans lent by domestic institutions to non-residents commercial credit. Including:

1. Borrowing from overseas banks and other financial institutions;

2. Borrowing from overseas enterprises, other institutions and natural persons;

3. Overseas issuance Medium and long-term bonds (including convertible bonds) and short-term bonds (including commercial papers, large negotiable certificates of deposit, etc.);

4. Buyer’s credit, deferred payment and other forms of trade financing;

5. International financial leasing;

6. Foreign currency deposits of non-residents;

7. Debts repaid with cash in compensation trade;

8. Other types of international business loans. Article 6 According to the classification 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 institutions 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. Article 7 The term "external guarantee" as mentioned in these Measures refers to the guarantee provided by domestic institutions to non-residents in the form of guarantee, mortgage or pledge in accordance with the Guarantee Law of the People's Republic of China.

The potential external repayment obligations formed by external guarantees are contingent external debts. Article 8 The state implements comprehensive 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 Foreign Debt Borrowing and External Guarantees Article 10 The National Development Planning Commission, together with relevant departments, shall formulate the national foreign debt borrowing plan based on the needs of national economic and social development, as well as the international balance of payments and the ability to bear foreign debt, and reasonably determine the total amount of the full range of foreign debt. Quantitative and structural control targets. Article 11 The state implements classified management of foreign debt borrowing 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 plans for alternative projects for loans from the World Bank, the Asian Development Bank, the United Nations Agricultural Development Fund and foreign governments. The Ministry of Finance organizes external negotiations, consultations, and signings according to the plans. 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 state shall be submitted to the State Council for approval by the Ministry of Finance and shall be included in the state'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 subject to the approval of 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 submitted 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 implements balance management on short-term international commercial loans borrowed by domestic Chinese-funded institutions, and the balance shall be determined 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 difference between the total project investment approved by the examination and approval department and the registered 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' external guarantees shall comply with national laws, regulations and relevant provisions of the foreign exchange administration department. Article 20 Domestic institutions shall not provide guarantees for non-business overseas institutions. Article 21 Without the approval of the State Council, no government agency, social group, or public institution may borrow foreign debt or provide external guarantees.

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.