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TABLE OF CONTENTS CHAPTER I GENERAL PROVISIONS CHAPTER II EXTERNAL DEBT REGISTRATION CHAPTER III ADMINISTRATION OF ACCOUNTS AND INFORMATION FEEDBACK CHAPTER IV DEBT SERVICE EXAMINATION AND VERIFICATION CHAPTER V SUPPLEMENTARY PROVISIONS CHAPTER I GENERAL PROVISIONS Article 1. In order to collect up-to-date information on the country's external debt exactly and completely so as to strengthen the administration of external debt inflows and outflows, these rules are hereby formulated according to Regulations on Foreign Exchange Administration of PRC and Provisional Regulations for Statistics and Supervision of External Debt. Article 2. Meanings of all kinds of external debt mentioned in Article 3 of Provisional Regulations for Statistics and Supervision of External Debt are as follows: (1) International financial institution loan: This refers to those provided by International Monetary Fund, the World Bank (Group), the Asian Development Bank, UN Agricultural Development Fund and other international or regional financial institutions; (2) Foreign government loan: This refers to official loans provided by foreign governments to China; (3) Foreign bank and financial institution loan: This refers to those provided by overseas financial institutions and overseas branches of Chinese-funded financial institutions, including syndicate loans (those provided by domestic Chinese-funded institutions are excluded); (4) Buyer's credit: This refers to those credit facilities provided to Chinese importers or banks by the banks of foreign exporters for the import of equipment from the export country; (5) Foreign enterprise loan: This refers to those provided by overseas non-financial institutions, including by overseas parent (subsidiary) companies to their domestic foreign-funded enterprises; (6) Foreign currency bond: This refers to those bonds issued on overseas capital markets and dominated in foreign currency with a nature of debt; (7) International financial lease: This refers to financial leasing facilities provided by overseas institutions; (8) Deferred payment: This refers to those payments to be effected 90 days after the imports of goods from abroad; (9) Debts repaid directly in foreign exchange in compensation trade: This refers to the debts to be repaid in foreign exchange stipulated in the relevant compensation trade contract or those for which repayment is to be made in foreign exchange rather than with commodities as approved; (10) External debt in other form, which includes foreign exchange loans provided by overseas individuals, domestic foreign-funded financial institutions, foreign exchange deposits taken in from overseas institutions or individuals by domestic Chinese-funded financial institution (excluding those taken by banks with offshore business license), and external guarantee contracts performance and debts actually repaid by a Chinese institution. Article 3. The State Administration of Foreign Exchange (hereinafter SAFE) and its branches are in charge of the registration and administration of all external debts of the country. They are in charge of registering external debt, examining and approving external debt special account and debt service special account, approving debt service according to their jurisdiction, as well as collecting and publishing external debt statistic information, and following the utilization of the funded. Article 4. SAFE shall publish nationwide external debt data periodically. Article 5. Domestic government agency, social community, enterprise, establishment, financial institution and other institution (hereinafter "debtors") shall conduct the procedure of external debt registration, debt service, opening and using external debt special accounts according to this set of rules. They shall also submit statements and materials according to this set of rules. CHAPTER II EXTERNAL DEBT REGISTRATION Article 6. It is required by the state that all the external debt shall go through the registration procedures. External debt borrowed on behalf of others shall be registered by the debtors provided in relevant contract. Article 7. External debt registration includes periodic registration and case-by-case registration. External debts borrowed by the ministries and commissions under the State Council, and domestic Chinese-funded financial institutions are subject to periodic registration. Those borrowed by other domestic institutions are subject to case-by-case registration. In case that the debtor is required to provide registration certificate to overseas lender, the external debt shall be registered case-by-case. Article 8. External debt subject to periodic registration shall be registered by the debtor with SAFE and its branches by presenting the contract within 15 days after the signing of the contract on the first loan. After doing so, the debtor shall fill in the Statement of the Signed Contracts for External Debt according to newly signed external debt contracts. The Statement for the preceding month shall be sent to SAFE and its branch within the first 5 days each month. External debt subject to case-by-case registration shall be registered by the debtor with SAFE and its branches within 15 days after the signing of the external debt contract. Article 9. Documents requirement for case-by-case registration: (1) The original and a duplicate copy of external debt contract. In case that the contract is in foreign language, Chinese version affixed with the debtor's official seal of its major articles shall be attached; (2) In case that the debtor is a Chinese-funded institution, the original and a duplicate copy of the approval document for borrowing the external debt or for the external debt balance ceiling issued by SAFE are required; (3) In case that the debtor is a foreign-funded enterprise, Foreign Exchange Registration Certificate of FFE, the capital assessment report issued by domestic CPA are required; and/or (4) Other documents and materials required by SAFE and its branches. After examining and verifying above-mentioned documents and materials, SAFE and its branches shall issue registration certificate of external debts to qualified debtor. Article 10. For deferred payments in the form other than L/C, the debtor shall go through the procedure of registration with SAFE and its branches within 15 days after the goods are imported. Deferred payments contract, originals of customs declaration form (special copy for the verification of import payment in foreign exchange), originals of verification certificate of import payment in foreign exchange, and originals of business vouchers shall be presented. Article 11. For deferred payments in the form of forward L/C with a term of more than 90 days, the procedure of L/C opening shall be conducted by presenting import contract, verification certificate of import payment in foreign exchange, and record form for import payment in foreign exchange. After the L/C being accepted by domestic financial institution, if it is issued by domestic Chinese-funded financial institution, the L/C issuer shall go through the procedure of periodic registration. If it is issued by domestic foreign-funded financial institution, the L/C applicant shall go through the procedure of case-by-case registration within 15 days after acceptance by presenting import contract, verification certificate of import payment in foreign exchange and forward L/C. Article 12. After verifying commercial vouchers and certificates prescribed in Article 10 and 12 valid and bona fide, SAFE shall issue registration certificates of external debt, and make a note of "registered" in import contract, customs declaration forms, or forward L/C. Article 13. Registration certificates refer to Registration Certificate of External Debt, Statement of the Sighed Contracts for External Debt, and Feedback Statement of Changes in Foreign Debts. All of the registration certificates shall be designed SAFE. SAFE shall be in charge of printing and distributing Registration Certificate of External Debt. SAFE and its branches shall be in charge of printing and distributing Statement of the Sighed Contracts for External Debt, and Feedback Statement of Changes in Foreign Debts. Article 14. In case of registered external debt contract being modified, procedure of registration alteration shall be conducted. CHAPTER III ADMINISTRATION OF ACCOUNTS AND INFORMATION FEEDBACK Article 15. External debt inflows and outflows shall be managed by special accounts. External debt special accounts (including External Debt Special Account and Debt Service Special Account) shall be opened with designated foreign exchange banks in principle. Domestic foreign-funded banks only can open external debt special accounts for their own lending. Article 16. External debt special accounts shall be opened upon the approval of SAFE and its branches. Article 17. Receipts of External Debt Special Account shall only be registered external debt; expenditures of Debt Service Special Account shall be approved by SAFE and its branches case-by-case. Article 18. The debtor shall fill in the Feedback Statement for Changes in External Debt strictly according to the inflow and outflow certificates issued by banks, and send the statement to SAFE on time. "New disbursement amount" on the Feedback Statement for Changes in External Debt shall be filled in according to the notice for entering into the account issued by the bank, or to disbursement certificate issued by the creditor. Originals of customs declaration form (special copy for the verification of import payment in foreign exchange), originals of commercial invoices will also needed in case of external debt in the form other than currency (deferred payments, compensation trade, and financial lease). Debt service amount shall be filled in according to remittance certificate. Article 19. Debtors subject to periodic registration shall send the Statement of the Signed Contracts for External Debt for preceding month to SAFE and its branch within the first 5 days each month. The Statement presents new signed external debts and all the changes of registered debts. Only the statement of changes needs to report in case of short-term debt without concrete contracts (such as short-term inter-bank borrowings by financial institutions). Debtors subject to case-by-case registration shall send to SAFE and its branches the Statement of the Signed Contracts for External Debt and a duplicate copy of relevant certificates prescribed in Article 18 within 5 days after each alteration of debt. Article 20. The Debtor shall send the report on signed external debt, disbursement and repayment in preceding year and debt service arrangement for current year by the end of the first quarter of each year. Article 21. Banks shall open external debt special accounts, supervise receipts and expenditures of these accounts, make external payment for the debtor, etc., according to relevant regulations of SAFE. Account-opening banks shall report the statement of opened, closed external debt special accounts, and accounts receipts and expenditures in proceeding month within the first 15 days each month. CHAPTER IV DEBT SERVICE EXAMINATION AND VERIFICATION Article 22. External debt service shall be examined and verified by SAFE and its branches. Amount repaid shall not exceed the total sum of principal, interests and fees of actually borrowed external debt. Repayment of unregistered external debt shall not be approved by SAFE and its branches. Article 23. Repayment of external debt subject to periodic registration shall be made direct from the debtor's foreign exchange account or by purchased foreign exchange upon registration certificates of external debt issued by SAFE and its branches and debt service notice issued by the creditor. SAFE and its branches shall conduct non-periodic inspection on the disbursement, utilization, and repayment of external debts subject to periodic registration. Article 24. Repayment of external debt subject to case-by-case registration shall be approved in advance by SAFE upon registration certificates of external debt, external debt contract, debt service notice issued by the creditor (marked with the total amount of principal and interests that need to repay, principal, interest rate, method of interest calculation, term). Repayment shall be made direct from the debtor's foreign exchange account or by purchased foreign exchange upon the Approval Certificate of Debt Service issued by SAFE and its branches. Article 25. For repayment of external debt in the form of deferred payments, debtors subject to periodic registration shall go through the procedure stipulated in Article 23 of these rules. Debtors subject to case-by-case registration shall apply with SAFE and its branches by presenting import contract, verification certificate of import payment in foreign exchange (special copy for verification of import payment in foreign exchange) and registration certificates of external debts. Being approved by SAFE and its branches, payment shall be made from the debtor's foreign exchange accounts or by purchased foreign exchange. Designated foreign exchange banks shall make external payment upon the Approval Certificate of Debt Service issued by SAFE and its branches. They shall not sell foreign exchange to the debtor or make external payment from the debtor's foreign exchange account only upon valid commercial vouchers and certificates. CHAPTER V SUPPLEMENTARY PROVISIONS Article 26. Registration Certificates of External Debt shall be invalid automatically after the performance of debt contract is finished. Article 27. Account-opening Bank shall close the external debt special account after money borrowed is used up. Debt service special account shall be closed after all debts are repaid off. The debtor shall return the Registration Certificate of External Debt the same department that issued it within 15 days after the account being closed by presenting the certificate of closure. Article 28. In case of losing registration certificate of external debt, the debtor shall apply for make-up registration certificates only after publishing the loss in a nationwide newspaper. Article 29. If the debtor conducts any of the following acts in violation of these rules, penalty shall be made by SAFE and its branches according to Regulations on Foreign Exchange Administration of PRC and other relevant regulations: (1) Not conduct the procedure of external debt registration as required; (2) Serve external debt without the approval of SAFE and its branches; (3) Open, use, or close external debt special accounts in violation of these rules; (4) Not report the Statement of the Signed Contracts for External Debt, the Feedback Statement of Changes in External Debt, and other statements and materials to SAFE and its branches as required; (5) Forge, alter or conspire with others the registration certificates of external debt; or (6) Other activities in violation of these rules. For designated bank open external debt special accounts, enter debt funds to the account, or make repayment for debtors in violation of these rules shall be given more serious punishment by SAFE according to Regulations on Foreign Exchange Administration of PRC and other relevant regulations. Article 30. Overseas debts by domestic foreign-funded financial institutions and overseas subsidiaries of Chinese-funded financial institutions, on-lending and other foreign exchange loans provided by domestic Chinese-funded financial institutions to domestic institutions shall not be subject to these rules. Article 31. External guarantees shall be registered according to Procedures on the Administration of External Guarantee by Domestic Institutions. Performance of external guarantee shall be examined and approved by SAFE and its branches. The guarantor needs not to go through the procedure of external debt registration. Article 32. Each branch of SAFE shall formulate operating rules according to these rules. Operating rules shall be recorded at SAFE. Article 33. It is SAFE that is responsible for the interpretation of these rules. Article 34. The rule shall become effective as of January 1, 1998. Detailed Rules for the Registration of Foreign Debts promulgated by SAFE on November 10, 1989 shall be repealed at the same time. |
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