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In order to implement the spirit of quickening up the strategy of ¡°going global¡± called for at the 16th Party Congress, ensure the implementation of the instruction of the Central Government on ¡°intensifying the financial support to overseas investments¡±, encourage and support comparatively advantaged enterprises of diverse forms of ownership to invest abroad, we hereby give our notice as follows regarding the relevant matters: I. THE NATIONAL DEVELOPMENT AND REFORM COMMISSION AND THE EXPORT-IMPORT BANK OF CHINA SHALL JOINTLY SET UP A CREDIT SUPPORT MECHANISM FOR OVERSEAS INVESTMENTS In line with the State¡¯s development planning on overseas investments, the Export-Import Bank of China shall, among the export credit plans of each year, arrange for special credit funds of certain scale (hereinafter referred to ¡°special loans for overseas investments¡±) to support the key overseas investment projects encouraged by the State. The special loans for overseas investments shall be under preferential interest rate given by the Export-Import Bank of China on export credit. II. KEY OVERSEAS INVESTMENT PROJECTS Special loans for overseas investments are mainly used to support the following key overseas investment projects: (1) overseas resource development projects that can make up for the insufficiency of domestic resources; (2) overseas productive and infrastructural projects that can give impetus to the export of domestic technologies, products, equipment and labor services; (3) overseas research and development centers¡¯ projects that can make use of advanced international technologies, management experiences and professional talents; (4) overseas enterprise acquisition and merger projects that can improve the international competitive strength of enterprises and quicken up the extension of international market. III. OVERSEAS INVESTMENTS FOR SPECIAL LOANS APPROVAL AND EXAMINATION A project in application for the use of special loans for overseas investments shall be approved by the State Council after the National Development and Reform Commission has conducted the approval or preliminary examination of overseas investment project in accordance with the relevant provisions; for an approved project, its conditions for obtaining loans shall be subject to the examination of the Export-Import Bank of China in compliance with the principle of examining the conditions and granting the loans independently. IV. APPLICATION PROCEDURES FOR A SPECIAL LOAN FOR OVERSEAS INVESTMENTS: The specific procedures for applying to use a special loan for overseas investments are as follows: (1) A legal-person enterprise registered inside the territory of the People¡¯s Republic of China (hereinafter referred to ¡°domestic investment subject¡±) submits a project proposal (including the bidding proposal) or project feasibility study report to the National Development and Reform Commission, and send a copy concurrently to the Export-Import Bank of China. Meanwhile, the domestic subject of investment files the application to the Export-Import Bank of China for loans. (2) The National Development and Reform Commission conducts the approval or preliminary examination of the project proposal, and concurrently send a copy of the approval document to the Export-Import Bank of China as reference for loan application approval. (3) The Export-Import Bank of China gives its opinions on using the special loans for overseas investments in the project, as reference for verifying or preliminarily examining the feasibility study report of the project. (4) After the feasibility study report of the project is approved, the Export-Import Bank of China shall finally determine the conditions for the loans of the project. The above procedures for the approval of projects shall comply with the current provisions on approval of overseas investment projects, and shall be adjusted correspondingly in accordance with the new provisions of the State Council now in force. For projects in the countries with high-impact risks, the domestic investment subjects are required to make full use of the current insurance mechanism for overseas investments, to go through the relevant insurance application procedures, and to actively evade the overseas investment risks. V. OVERSEAS INVESTMENT RISKS SAFEGUARD MECHANISM The National Development and Reform Commission shall strengthen its policy guidance to the projects qualified for special loans for overseas investments, intensify necessary coordination, and quicken up the approval schedule. Meanwhile, it shall urge the relevant entities to improve the safeguard mechanism from overseas investment risks, and further do well in the work of overseas investment insurance. VI. CONVENIENCES PROVIDED BY THE EXPORT-IMPORT BANK OF CHINA The Export-Import Bank of China shall quicken up the examination of special loans for overseas investments in accordance with the relevant provisions, and provide the following conveniences in light of the specific situation: (1) granting certain credit lending quotas in light of the credit grade of the loaning enterprise and the economic benefit of the overseas investment project; (2) for projects with small risks, stable proceeds from investments and good benefits, it may consider of directly providing loans to the overseas project company, with the domestic investment subject of the project to provide guaranty and/or to provide mortgage with the assets formed from the project or with other interests; and (3) for some strategic projects with long investment period, the time limit of loans may be properly extended in light of the situation. VII. OTHER CONVENIENCES PROVIDED BY THE EXPORT-IMPORT BANK OF CHINA The Export-Import Bank of China will also provide project-related financial services in respect of a letter of guaranty on bidding, a letter of guaranty on implementing the contract, a letter of guaranty on prepayment, a letter of guaranty on quality and international settlement, etc. to the projects under planned use of special loans for overseas investments, and will grant certain preferences in respect of counter-guaranty and guaranty bonds in light of the situation of the domestic investment subject and the project. VIII. EFFECTIVE DATE The power to interpret the present Notice, which shall come into force on the date of its promulgation, shall remain with the National Development and Reform Commission and the Export-Import Bank of China. |
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