The People's Bank of China authorizes the State Administration of Foreign Exchange and its branches (hereinafter referred to as the SAFE) to be specifically responsible for the examination and approval, supervision and management of international commercial loans borrowed by domestic institutions. Article 4 The borrowing of international commercial loans by domestic institutions must be approved by the foreign exchange bureau. An international commercial loan agreement signed without the approval of the foreign exchange bureau is invalid. The foreign exchange bureau does not register foreign debts. Banks may not open special accounts for foreign debts. The loan principal and interest shall not be remitted without authorization. Article 5 Domestic institutions borrowing international commercial loans are limited to:
(1) Chinese-funded financial institutions approved by the State Administration of Foreign Exchange to engage in foreign exchange lending business;
(2) A non-financial enterprise legal person approved by the authorized department of the State Council. Article 6 The borrowing of international commercial loans by financial institutions shall conform to the provisions of the People's Bank of China on the management of the proportion of foreign exchange assets and liabilities of financial institutions. Article 7 A non-financial enterprise as a legal person shall meet the following conditions when borrowing international commercial loans directly from abroad:
(1) It has been profitable continuously for the last three years, and has the right to operate import and export, which belongs to the industries encouraged by the state;
(2) Having a sound financial management system;
(3) The ratio of net assets to total assets of a trading non-financial enterprise as a legal person is not less than 65,438+05%; The ratio of net assets to total assets of non-transactional non-financial enterprises as legal persons shall not be less than 30%;
(4) The sum of the balance of borrowed international commercial loans and external guarantees shall not exceed 50% of the foreign exchange equivalent of its net assets.
(5) The sum of the balance of foreign exchange loans and foreign exchange guarantees shall not exceed the foreign exchange income of the previous year. Article 8 Domestic institutions shall borrow international commercial loans from abroad according to their own credit status, and bear the responsibility for external repayment. Ninth domestic institutions to borrow international commercial loans should strengthen cost control. The total borrowing cost shall not be higher than the total borrowing cost of borrowing institutions with the same credit rating in the international financial market during the same period.
The foreign exchange bureau shall supervise and guide the cost control of international commercial loans borrowed by domestic institutions. Article 10 A domestic institution that borrows international commercial loans shall, in accordance with the provisions of the State Administration of Foreign Exchange, submit a report on foreign loans in the previous quarter and an annual report on the use of international commercial loans to the foreign exchange bureau at the beginning of each quarter 10. Article 11 The foreign exchange bureau has the right to inspect the raising, borrowing, use and repayment of international commercial loans by domestic institutions. Lending institutions shall cooperate and submit relevant documents and materials. Article 12 Without the approval of the foreign exchange bureau, domestic institutions may not deposit borrowed international commercial loans abroad, directly pay them abroad or convert them into RMB. Chapter II Medium-and Long-term International Commercial Loans Article 13 The medium-and long-term international commercial loans mentioned in these Measures refer to international commercial loans with a term exceeding 1 year (excluding 1 year), including long-term letters of credit with a term exceeding 1 year. Article 14 Medium-and long-term international commercial loans borrowed by domestic institutions shall be included in the national plan for utilizing foreign capital. Article 15 When a domestic institution borrows medium-and long-term international commercial loans, it shall submit all or part of the following materials to the foreign exchange bureau for application:
(a) documents that have been incorporated into the national plan for the utilization of foreign capital;
(two) the approval documents of the loan project;
(3) Letter of intent on loan conditions, including the name of the creditor, loan currency, amount, term and grace period, interest rate, fees, intention to repay in advance and other financial conditions;
(four) the source of repayment funds and repayment plan, foreign exchange guarantee;
(5) Balance sheets and other foreign exchange or RMB financial statements for the last three years verified by an accounting firm;
(6) Other materials required by the foreign exchange bureau.
When a branch of a financial institution borrows a medium-and long-term international commercial loan, it shall submit the relevant documents authorized by its head office (head office) in addition to the documents specified in the preceding paragraph. Article 16 The borrowing of international commercial loans by state institutions in Beijing shall be directly reported to the State Administration of Foreign Exchange for examination and approval. Foreign loans from national and local institutions not in Beijing shall be examined by the local foreign exchange bureau and reported to the State Administration of Foreign Exchange for examination and approval.
Branches of national and local financial institutions must be authorized by the head office (head office) before they can be submitted for approval according to this procedure. Chapter III Short-term International Commercial Loans Article 17 The term "short-term international commercial loans" as mentioned in these Measures refers to international commercial loans within 1 year (including 1 year), including foreign exchange interbank lending, export bills, packaged loans, forward letters of credit with a term of 90 days or more and a term of 365 days or less.