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Article 1. The present Measures are hereby formulated in accordance with the Regulations of the People's Republic of China on the Administration of Foreign-funded Financial Institutions, Regulations of the People's Republic of China on the Management of Foreign Exchange and the relevant provisions on the administration of foreign debts, for the purpose of promoting fair competition between Chinese-funded banks and foreign-funded banks in China, effectively controlling the scale of foreign debts, and preventing the risk of foreign debts. Article 2. The "Foreign-funded Banks" mentioned in the present Measures shall refer to the solely foreign-owned banks, the Sino-foreign joint venture banks and the branches of foreign banks established within the territory of China in accordance with the Regulations of the People's Republic of China on the Administration of Foreign-funded Financial Institutions and the relevant laws and regulations. Article 3. The state shall control the total amount of foreign debts of foreign-funded banks in China. The foreign debts of a foreign-funded bank in China shall include the overseas loans, overseas inter-bank borrowing, overseas inter-bank deposits, the business of overseas inter-bank and their subordinated institutions (debtor), non-resident deposits and other forms of foreign debts. Article 4. The National Development and Reform Commission (hereinafter referred to the NDRC) shall, together with the China Banking Regulatory Commission (hereinafter referred to the CBRC) and the State Administration of Foreign Exchange (hereinafter referred to the SAFE), according to the need of national economy and social development, the status of international balance of payments and the capability for bearing the foreign debts, as well as the status of assets and liabilities of foreign-funded banks in China and the demand for working capital, etc., properly determine the total amount of foreign debts of foreign-funded banks in China and the target for the structural adjustment and control of medium-term and long-term and short-term foreign debts. Article 5. Where a foreign-funded bank in China borrows medium and long-term foreign debts with the term of over one year signed in the agreement, the NDRC shall verify the amount of foreign debts occurred by year. If the foreign debts are short-term debts with the term less than one year signed in the agreement, the SAFE shall verify the balance. Article 6. Before the end of February each year, all the foreign-funded banks in China shall file an application respectively to the NDRC or SAFE for the amount of medium and long-term foreign debts occurred or short-term balance of foreign debts of the current year. Among them, the solely foreign-owned banks and the Sino-foreign joint venture banks shall file an application to the NDRC or SAFE level by level through the branch of the NDRC or SAFE at the place where they made the business registration. The branch of any foreign bank shall file an application directly to the NDRC and SAFE through its chief reporting bank in China. If it has no chief reporting bank, it shall file an application to the NDRC and the SAFE level by level through the branch of the NDRC or SAFE at the place where it makes the business registration. Article 7. Where a foreign-funded bank in China applies for the annual total amount of foreign debts, it shall submit the following documents to the NDRC or the SAFE respectively: (1) Report of application for borrowing medium or long-term or short-term foreign debts. The contents shall include the status of business operation of the previous year, capital sources and application, basis of application for the amount of foreign debts and the use of the capital, etc.; (2) The annual line of credit to the debtors in China approved by its overseas parent bank or regional management department; (3) The domestic consolidated balance sheet and statement of profits and losses in the previous year that should be submitted to the CBRC by any solely foreign-owned bank or Sino-foreign joint venture bank. The balance sheet and statement of profits and losses of the previous year that should be submitted to the CBRC by any branch of a foreign bank, and the consolidated balance sheet and statement of profits and losses of the previous year of any operational branch in China; and (4) The relevant certificate documents in relation to the floating demand of the applicant or the use of the capital. Article 8. The NDRC and the SAFE shall, on the basis of the foreign debts borrowing conditions of any foreign-funded bank in China in the previous year, the annual line of credit to the debtors in China approved by its overseas parent bank or regional management department, and the domestic demand for loan projects (medium and long-term foreign debts) and the floating demand (short-term foreign debts), verify respectively the amount of medium and long-term foreign debts occurred and the balance of short-term foreign debts of the foreign-funded bank in China in the current year. The medium and long-term foreign debts newly borrowed by any foreign-funded bank in China in the current year shall not exceed the quota verified by the NDRC. The balance of the short-term foreign debts in any time point of the current year shall not exceed the balance verified by the SAFE. Article 9. After the total amount of foreign debts is determined, a foreign-funded bank in China may, upon the need of the business, apply for making adjustment for once in the current year to the NDRC or SAFE, who shall then decide on whether to grant approval or not according to the circumstances. Article 10. The granting of foreign exchange loans by any foreign-funded bank in China to any domestic institution shall be managed in light of the ways of foreign exchange loans in China. Except the bill purchased, the foreign-funded bank in China shall not settle the foreign exchange when extending foreign exchange loans to the domestic institution. Article 11. Where any foreign-funded bank in China provides foreign guaranty, it shall be managed as the foreign guaranty. The granting of guaranty to any foreign-funded bank in China for any debtor in China by any domestic institution shall be managed as domestic guaranty. Article 12. No foreign exchanges shall be settled for the foreign debt capital borrowed by any foreign-funded bank in China, and no foreign exchanges shall be purchased for repayment of the principals and interests thereof. A foreign-funded bank in China shall not be subject to the approval of the SAFE when handling the repayment of principals and interests under the item of foreign debts. Upon the approval of the SAFE, a domestic institution may choose a foreign-funded bank in China to open a special account under the item of foreign debts. Article 13. The SAFE shall be responsible for the work of statistics and monitoring of foreign debts of foreign-funded banks and domestic foreign exchange debts. A foreign-funded bank in China shall submit statistical data of foreign debts to the branch of the SAFE at its registration place within 5 working days at the beginning of each month, and submit the relevant information on domestic foreign exchange loans to the local administration of foreign exchange according to the relevant provisions on the domestic foreign exchange loans. Article 14. The SAFE shall make on-site or off-site inspection on the borrowing of foreign debts and granting of foreign exchange loans periodically or aperiodically. If any bank violates the provisions of the present Measures, the SAFE may impose a punishment on it in accordance with the Regulations of the People's Republic of China on the Management of Foreign Exchange and the relevant laws and regulations. Article 15. The power to interpret the present Measures shall remain with the National Development and Reform Commission and the People's Bank of China. In case any other previous provision is in conflict with the present Measures, the present Measures shall prevail. Article 16. The present Measures shall come into force 30 days as of the date of promulgation. |
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