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In order to promote the joint development of the foreign trade and economic business and the bank business, the People's Bank of China and the Ministry of Foreign Trade and Economic Cooperation jointly promulgated the Guiding Opinions on Further Strengthening the Cooperation between the Bank Sector and the Trade Sector to Promote the Development of Foreign Trade and Economic Business (No.257 [2002] of the People's Bank of China), which presents the guiding opinions in 9 aspects on further strengthening the cooperation between bank and trade sectors: I. To improve the credit management measures for foreign economic and trade enterprises and the internal credit management system. The financial institutions shall explore and establish the credit rating methods and the loan examination and approval system suitable for the business characters of foreign economic and trade enterprises, and shall in the determination of the loan amount granted to foreign economic and trade enterprises, take into full consideration the collection of export proceeds, the records of repayment of added loans and the potentials for the development of the enterprises, etc. The financial institutions shall define the power authorized to their respective branches and sub-branches for the examination and approval of working capital loans granted to foreign economic and trade enterprises according to the actual situations of different areas and the credit management level and risk control capacities of those branches and sub-branches. Especially for the areas at relatively lower administrative levels that need relatively large amounts of capital for the rapid development of foreign trade and economic business, and for the areas where national ports are located, more power of credit management shall be authorized. II. To improve the policies of providing loans on trusteeing export refund accounts, strengthen the cooperation between the relevant departments and keep on promoting the providing of loans on trusteeing export refund accounts. The departments of foreign trade and economic cooperation at various levels shall make efforts at the communication and coordination among the state taxation departments, the financial institutions and the export enterprises, by providing necessary support for strengthening the cooperation between the state taxation departments and the banks to ensure the uniqueness of the export refund account and the reasonable transfer of the account, and by providing convenience for the commercial banks for understanding the credit standing of the export refund enterprises and the refundable taxes of the enterprises. At present, the financial institutions shall still, according to the actual situations of the areas and the enterprises' needs, keep on promoting the healthy development of the providing of loans on trusteeing export refund accounts in accordance with the Circular of the People's Bank of China, the Ministry of Foreign Trade and Economic Cooperation and the State Administration of Taxation on Providing a Loan on Trusteeing Export Refund Account (No.276 [2001] of the People's Bank of China), with respect to the enterprises with reliable credit standing and good records of repayment of such loans, the loan ratio may be raised on the basis of 70%. III. To further support the thorough implementation of the foreign trade and economic strategies of "market diversification" and "going out". The People's Bank of China and the financial institutions shall strengthen the bilateral consultation and cooperation with the central banks and commercial banks of the neighboring countries, establish and improve the international settlement channels with the neighboring countries and gradually bring the settlement of border trade into the normal bank system. The financial institutions shall support the foreign trade and economic enterprises that have comparative superiorities and relatively strong business operation capacity and capital strength to explore potential new markets at the same time when strengthening and increasing the shares of traditional markets. With respect to the enterprises with necessary conditions and strength to go overseas to make investment and set up plants, engage in processing and assembling, explore resources or undertake project contracting and labor cooperation, the financial institutions shall give active support, and gradually expand the intermediary business, such as providing tender guarantee, performance guarantee and advance payment guarantee for overseas contracting projects. IV. To enhance the innovation of financial products and service methods by taking into consideration the characteristics of foreign trade and economic enterprises. The financial institutions shall, giving full consideration to the characteristics of the business operations of foreign trade and economic enterprises and the business conditions of themselves, strive to explore new financial products and service methods. They shall make full use of the present favorable opportunity when the foreign exchange capital is relatively abundant and when the rate difference between home and foreign currencies is reduced, to promote the marketing of foreign exchange loans, and, on a pilot basis, to actively grant loans on pledge of rights such as the patent right or the right to receivable payment. They shall make more efforts in the business of trade finance such as forfaiting, international factoring etc, and, at the same time, study the development of the international trade finance and actively develop the business of settlement without L/C. V. To grant credit loans to the qualified foreign trade and economic enterprises, and keep on supporting the development of foreign trade and economic enterprises through rate means. The financial institutions may grant credit loans to the foreign trade and economic enterprises that have been confirmed to be with good credit standing and have the repaying capacity by loan examination and evaluation, especially to the foreign trade and economic enterprises that have been assessed as high-grade clients of the institution. When loans are granted to the honorable enterprises for collection of export proceeds promulgated by the State Administration of Foreign Exchange and the Ministry of Foreign Trade and Economic Cooperation, the loan rates may be appropriately lowered on the basis for loan rate promulgated by the People's Bank of China, and the largest range for lowering is 10%. VI. Give more support to the exports of mechanical and electrical products and high-tech products. The Export-Import Bank of China shall, on the basis of effective control over loan risks, gradually expand the scale of export buyer's credit, and with respect to the export enterprises that have purchased the insurance of export credit, the conditions for guarantee provided by the enterprises shall be appropriately loosed; the commercial banks shall continue expanding the business of commercial export credit, give priority to the exports of mechanical and electrical products and high-tech products, and actively cooperate with the People' s Bank of China to expand the business of mixed export credit. VII. To adjust, simplify and normalize the policies and measures for foreign exchange administration, and bring the financial institutions into full play in the foreign exchange regulation and supervision. The conditions for account opening for Chinese-funded enterprises shall be furthered loosed, and the reform of the management system of foreign exchange accounts shall be promoted. The procedures for verification of import and export collection in foreign exchange shall be further simplified, with an after automatic verification system applied to some excellent enterprises. The time limit for putting on record of future collection in foreign exchange shall be eased. Some formalities for the registration of import payment in foreign exchange shall be cancelled and replaced by the examination of authentication by the bank pursuant to the provisions on the administration of settlement and sale of foreign exchange, and the records of payment in foreign exchange shall be submitted to the foreign exchange bureaus periodically afterwards for verification. The relevant issues of advance payment in foreign exchange under the letter of credit of the bank shall be rectified and settled step by step. VIII. To actively prevent and dissolve the risks of foreign trade and economic loans. The department in charge of foreign trade and economic cooperation shall instruct and direct the foreign trade and economic enterprises to establish and strengthen the sense of credit, shall strictly carry out the policies of the state on enterprise restructuring, shall get the consent of the credit banks for the schemes of restructuring of the enterprises to safeguard the interests of the credit banks, and shall correct and stop all kinds of evading or abandoning of bank debts. When providing various kinds of financial support to the foreign trade and economic enterprises, the financial institutions shall maintain the right to independently grant the loans pursuant to law and earnestly prevent the financial risks. If an enterprise that has been held to evade or abandon bank debts by the joint meeting of financial credit administers fails to correct its debt-escaping action within the time limit prescribed by the loaner, the joint meeting of financial credit administers shall organize the financial institutions under its jurisdiction to jointly punish that enterprise and grant no new loans to it any more. IX. To strengthen the exchange of information between the bank and trade sectors, and create a favorable environment for the foreign trade and economic enterprises. The people's banks and the departments in charge of foreign trade and economic cooperation at all levels shall establish the mechanism of information exchange between them to make communication and coordinate with respect to the industrial policies of foreign trade and economic cooperation and the relevant credit policies. The departments in charge of foreign trade and economic cooperation shall take full advantage of being the industrial authorities to provide convenience for the financial institutions to consult the credit standing of the foreign trade and economic enterprise, and, at the same time, by making use of the superiority in information of the trade departments (offices) stationed overseas, assist the financial institutions in the investigation and supervision of overseas projects and agencies. |
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