The new regulations make detailed provisions on debt management, debt restructuring and debt default, which provides a strong guarantee for the healthy and orderly development of the debt market.
First, debt management is more standardized.
The new regulations clarify the main responsibility of debt management and stipulate the debtor's debt management obligations, including establishing a debt management system, submitting debt information regularly, and formulating debt risk response plans. At the same time, specific requirements are put forward for the debtor's debt scale, debt structure and debt term, which makes debt management more scientific and standardized.
Secondly, debt restructuring is more flexible.
The new regulations encourage debtors to take the initiative to negotiate with creditors before debt default and resolve debt risks through debt restructuring. In the process of debt restructuring, the new regulations specify the ways, procedures and conditions of debt restructuring in detail, providing more flexible and diverse choices for debt restructuring.
Third, the disposal of debt default is more clear.
The new regulations clarify the identification standards and handling procedures of debt default, and also make clear provisions on the disposal methods and accountability of debt default. At the same time, the new regulations also strengthened the supervision and punishment of debt default, severely cracked down on illegal acts, and maintained market order, fairness and justice.
To sum up:
The new debt regulation of the People's Bank of China 1 Order provides a strong guarantee for the healthy and orderly development of the debt market by standardizing debt management, flexible debt restructuring, and clarifying the way to deal with debt default. The implementation of the new regulations will help to prevent and resolve debt risks, protect the legitimate rights and interests of debtors and promote stable economic and social development.
Legal basis:
Order of the People's Bank of China ([2023]No. 1)
Article 1:
In order to standardize debt management, prevent and resolve debt risks, protect the legitimate rights and interests of creditors and debtors, and maintain the stability of financial markets, these Provisions are formulated in accordance with the Law of the People's Republic of China on the People's Bank of China and other laws and regulations.
Law of the People's Bank of China of the People's Republic of China
Article 23:
The People's Bank of China can use the following monetary policy tools to implement monetary policy: …… (4) Providing loans to commercial banks; ……。
Contract law of the people's Republic of China
Article 84:
If the debtor transfers all or part of its contractual obligations to a third party, it shall obtain the consent of the creditor.