(4) The investment of the raised funds conforms to the national industrial policy and the development direction of the industry, and the relevant procedures required are complete. For fixed assets investment projects, it should meet the requirements of the capital system of fixed assets investment projects, and in principle, the cumulative issuance amount shall not exceed 60% of the total project investment. The proportion shall apply mutatis mutandis to those who have acquired property rights (shares). If it is used to adjust the debt structure, it is not limited by this ratio, but the enterprise should provide proof that the bank agrees to repay the loan with debt; Used to supplement working capital, not exceeding 20% of the total amount of bonds issued; -Notice of the National Development and Reform Commission on promoting the development of the corporate bond market and simplifying the issuance approval procedures.