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CIRCULAR OF THE STATE COUNCIL ON STRENGTHENING THE CONTROL ON BORROWING AND UTILIZING INTERNATIONAL COMMERCIAL LOANS
(Issued by the State Council of China on January 12, 1989)
This Circular is hereby formulated in order to carry out the policy of improving the economic environment, rectifying the economic order and deepening the reform put forward by the Party Central Committee and to strengthen the control on borrowing and utilizing international commercial loans.
| | 国务院关于加强借用国际商业贷款管理的通知
（一九八九年一月十二日）
按照中央关于治理经济环境、整顿经济秩序、深化改革的要求，为切实加强借用国际商业贷款的管理，特做如下通知：
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1. The scale of foreign borrowing shall be strictly controlled. All regions and sectors shall strictly carry out the State plan for utilization of foreign capital. Any sector and unit shall neither borrow any kind of international commercial loans nor borrow from Chinese institutions and banks established abroad without the approval of the Head Office of the People's Bank of China if the said borrowing is out of the State plan for utilization of foreign capital. No foreign borrowing shall be deposited abroad without the approval by foreign exchange control authority. Any contract on foreign borrowing without the said approval shall be invalid. The foreign exchange control authority shall not handle procedures for foreign debt registration. The bank shall not open a foreign currency account for it. The principal and interest of the borrowing shall not be remitted abroad.
| | 一、严格控制对外借款规模。各地区、各部门要严格执行国家利用外资计划。凡未列入国家利用外资计划，未经中国人民银行总行批准，任何部门和单位不得自行对外借用各种形式的国际商业贷款，不得向我国在境外的机构和银行借款。未经外汇管理部门批准，不得将借款存放在境外。如擅自签约借款，其合同不能生效，外汇管理部门不予办理外债登记，银行不得为其开立外汇帐户，借款本息不准汇出。
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2. The balance of short-term international commercial borrowing shall be controlled by the State. Without the ratification of the State, the approved balance shall not be exceeded. The existing excess balance shall be adjusted to be under the approved limit within half a year from the date of the promulgation of the present Circular. Otherwise, the local foreign exchange control authority shall correspondingly deduct the foreign exchange retention or use the medium-term or long-term international commercial loan quota for the purpose of compulsory repayment of loans. Short-term foreign borrowing can exclusively be used for current capital turnover, not be used for investment projects with fixed assets.
| | 二、对借用短期国际商业贷款实行余额管理，未经国家批准，不得超过核准的余额。已超过部分，自本通知发出之日起，必须在半年内调整到核准的限额内，否则，由当地外汇管理部门扣减相应的留成外汇或借用中长期国际商业贷款指标，强制用于还款。短期对外借款只能用于流动资金周转，不得用于固定资产投资项目。
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3. Any bond issues abroad shall be within the State plan for utilization of foreign capital and shall be handled by the bond issuing financial institution approved by the People's Bank of China. The bond issuer shall report to the People's Bank of China for the approval before bond issuing in accordance with the "Regulations Governing Bond Issues Abroad by Resident Institutions in China" promulgated by the People's Bank of China. Government departments shall, before issuing bonds on international market, report to the State Council for the approval. They shall not negotiate with foreigners without the approval. The People's Bank of China shall well coordinate the bond issues on international market by Chinese bond issuing institutions and seriously examine the conditions for bond issues abroad.
．．．．．． | | 三、在国外发行债券，必须在国家利用外资计划内，由中国人民银行批准发行债券的金融机构办理。发行债券的单位，必须严格按照中国人民银行公布的《关于中国境内机构在境外发行债券的管理规定》，在发债前报经中国人民银行批准。政府部门在国际市场上发行债券，须报经国务院批准。未经批准不得对外谈判。中国人民银行要做好国内发债机构进入国际市场发债的协调工作，认真审查在国外发债条件。
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