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外债登记实施细则英文版

来源: 时间:2019-01-24 18:29:00

外债登记实施细则(英文版)

(Promulgated by the State Administration of Exchange Control onNovember 10, 1989) Whole documentRULES FOR THE IMPLEMENTATION OF REGISTRATION OF EXTERNAL DEBTS(Promulgated by the State Administration of Exchange Control on November10, 1989)Article 1 These Rules are formulated in order to implement the InterimProvisions for the Statistical Work and Supervision of External Debts(hereinafter referred to as the Provisions).Article 2 External debts refer to any liabilities resulting from borrowingabroad for which contractual repayments in foreign currencies arerequired. They include: (1) Loans from international monetary institutions, namely, loansfrom the International Monetary Fund, the World Bank, the AsianDevelopment Bank, the International Agriculture Development Fund and otherinternational or regional monetary institutions; (2) Loans from foreign governments, namely, loans provided by foreigngovernments in the form of official development assistance to China; (3) Loans from foreign banks and non-bank financial institutions,namely, loans from banks, non-bank financial institutions and syndicateswhich operate outside China; (4) Buyer's credit, namely, loans provided by foreign banks offeringexport credit for Chinese importing departments or banks to buy equipmentfrom exporting countries; (5) Foreign enterprise loans, namely, loans provided by foreignenterprises that are not financial institutions; (6) Issuance of foreign currency bonds, which refer to bonds withdenomination values in foreign currencies issued by domestic institutionson money markets outside China; (7) International monetary leasing, namely, leases of a fund-raisingnature provided by foreign leasing institutions for domestic institutions; (8) Delay payment, which refers to a preferential term offered byforeign exporters to domestic importing departments for the importers topay for the goods with a delay of 3 months after the goods have arrived inChina; (9) Liabilities arising in compensation trade to be repaid directly incash, namely, liabilities to be repaid in cash as is stipulated incompensation trade contracts or liabilities for which repayment is alteredto be in cash instead of in kind (goods) due to certain reason and withapproval, including liabilities to be repaid with export earnings inforeign exchange. (10) External debts in other forms, including: ① Foreign currency deposits in domestic monetary institutions byinstitutions or individuals abroad; ② Loans obtained by domestic enterprises (including foreigninvestment enterprises) from foreign or Chinese-foreign joint-venturebanks which operate in China. Apart from all these, also regarded asexternal debts are the following: ① Liabilities transferred into China in various forms by externallyregistered institutions, which are to be repaid by domestic institutions; ② External liabilities of Chinese institutions based abroad withoutexternal registration; ③ Foreign loans borrowed by a foreign investment enterprise in thename of the foreign side of the enterprise to be used as input in funds orequipment outside the capital investment, which are to be repaid by theenterprise as is required by a contract signed between the foreign sideand the enterprise or any other legal documents; ④ Liabilities of a foreign debtor for whom a Chinese side hasprovided guarantee, and for which the repayment is to be actually made bythe Chinese side; ⑤ Liabilities owned by a wholly foreign-owned enterprise to itsparent ticle 3 The State Administration of Exchange Control and its branch officesare the departments in charge of the registration and administration ofexternal debts in the country (hereinafter referred to as the registeringdepartments). The State Administration of Exchange Control takes charge ofthe registration of external debts incurred by the ministries andcommissions under the State Council, corporations, banks and head officesof non-bank financial institutions, which are all based in Beijing, andits branch offices in localities take charge of the registration ofexternal debts incurred by local governments, monetary institutions, aswell as units of central departments and head offices of monetaryinstitutions based in localities. External debts incurred by a Chinese institution based abroad withoutexternal registration shall be registered by the administration ofexchange control of the locality where the externally based Chineseinstitution's parent institution is ticle 4 The registration of external debts is divided into case-by-caseregistration and regular registration. Regular registration applies to external debts incurred by domesticbanks and non-bank financial institutions, and loans offered by foreigngovernments and international monetary institutions which fallrespectively under the administration of the Ministry of Foreign EconomicRelations and Trade, the People's Bank of China, the Ministry ofAgriculture and the Bank of China. Case-by-case registration applies to external debts incurred bydomestic departments other than those governed by regular registration,and by enterprises (including foreign investment enterprises). External debts incurred by monetary institutions as entrusted byenterprises and other institutions are to be registered with the debtorsstipulated in the borrowing contracts handling the procedures ticle 5 The procedures for regular registration are as follows: (1) A debtor unit shall, within 15 days after the first contract onborrowing is signed, go through registration procedures at the localadministration of exchange control, and receive an External DebtsRegistration Certificate (herein-after referred to as the RegistrationCertificate) for regular registration. (2) When new contracts on borrowing are signed or alterations such asdrawing and repayment occur in the debt, a debtor unit shall fill inmonthly a form of the Signing of Contract on External Debts and a Form ofFeedback on the Alterations of External Debts (hereinafter referred to asthe Form of Feedback) registering department within 5 days after the endof the month. (3) When a debtor unit needs to open a foreign exchange cash accountwith a bank, the unit shall, by submitting the Registration Certificateand a document approving the opening of the account from the registeringdepartment, go through the necessary procedures for opening a specialforeign exchange cash account relating to external debts (hereinafterreferred to as a special account for external debts) as an appointed bankwith which such an account is opened (hereinafter referred to as theaccount opening bank), and send the receipt by mail the following day tothe registering ticle 6 The procedures for case-by-case registration are as follows: (1) The debtor unit shall, within 15 days after a contract onborrowing is signed, go through the procedures for the registration ofexternal debts by submitting a duplicate copy of the contract and thedocument of approval for the borrowing (such a document of approval is notnecessary for foreign investment enterprises) at the registeringdepartment, and receive a Registration Certificate for case-by-caseregistration. (2) When the borrowed funds are transferred into Chinese territories,the debtor unit shall, with the remittance instruction and theRegistration Certificate, open a special account for external debts at theaccount-opening bank, and go through the procedures for entering the iteminto the account. (3) When due repayment of principal and payment of interest are to bemade, the debtor unit shall, by submitting the Registration Certificateand the instruction on repaying the principal and paying the interest, geta document approving the repayment of principal and payment of interestfrom the registering department in advance, and go through necessaryprocedures at the account-opening bank for the repayment of principal andpayment of interest to be remitted out of the special account for externaldebts by submitting the document of approval and the RegistrationCertificate to the bank. (4) After receipts and disbursements are handled and the proceduresfor opening an account are implemented, the debtor unit shall fill in theForm of Feedback in accordance with the instruments of receipts anddisbursements issued by the account-opening bank, and file the followingday the Form of Feedback and a duplicate copy of the certificate ofdeposit with the registering department. (5) A unit incurring a debt in the form of not being transferred intoChina, from which no cash in foreign exchange is moved in but for whichrepayment of principal and payment of interest are to be remitted out ofChina, shall, after the debt has occurred, fill in a Form of Feedback,and send by mail the following day a duplicate copy of the Form ofFeedback to registering department. When due repayment of principle andpayment of interest are to be made, the debtor unit shall, with thedocuments of endorsement by the registration department, go the openingbank to open a Special Foreign Currency Account for Repayment of Principaland Payment of Interest Relating to External Debts (herein-after referredto as special account for the repayment of principal and payment ofinterest) with the account-opening bank, and go through necessaryprocedures for the remitting of the repayment of principal and payment ofinterest. (6) A unit which deposits the borrowed money outside of Chineseterritories with approval from the State Administration of ExchangeControl or its branch offices shall, through the Form of Feedback, reportto the original registering department on the alterations of the depositin each month. (7) No other accounts are required to be opened when domesticinstitutions borrow money from foreign or Chinese-foreign joint venturebanks operating in China, but the domestic institutions shall go throughthe procedures for registration and submit the monthly Form of Feedback asis required by relevant regulations. (8) When it is necessary for a debtor unit which has received aRegistration Certificate in its own locality to go through the proceduresfor opening an account and making repayment of principal and payment ofinterest at a bank in another locality, the debtor unit shall, bysubmitting the Registration Certificate issued by the registeringdepartment in its own locality, go through the procedures for approvingthe repayment of principal and payment of interest as the registeringdepartment in the other locality shall, 3 days after the procedures arehandled, file the duplicate copies of disbursements with the originalregistering ticle 7 After the last repayment of principal and payment of interest are madefor the debt recorded in the Registration Certificate, the account-openingbank shall immediately cancel the Special Account for the Repayment ofPrincipal and Payment of Interest related to the Registration e debtor unit shall return the Registration Certificate within 15 daysto the registering department for ticle 8 An account-opening bank shall meet the following requirements: (1) It must be a domestic bank which has been approved to deal inforeign exchange; (2) It can cooperate closely with the registering department in thesupervision over external debts. The State Administration of Exchange Control and its branch officesshall appoint account-opening banks in line with the requirements ticle 9 An account-opening bank shall fulfil the following obligations: (1) Supervising the use of the accounts. The bank shall ensure thatfunds in foreign exchange remitted into the Special Account for ExternalDebts and the Special Account for the Repayment of Principal and Paymentof Interest are only the funds recorded in the Registration Certificate,and that funds in foreign exchange deposited in the accounts ortransferred from other accounts can only be used to pay for the equipmentand labour service of the project related to the debt, for the repaymentof principal and payment of interest, or for other usage which has beenapproved by the registering department; (2) Handling the transferring in and repaying of the debts in linewith the Registration Certificate and the document of approval, and filingthe instruments of receipts and disbursements with the registeringdepartment the following day after the procedures are handled; (3) Supervising external debts under case-by-case registration toensure that the transferring in of the loans and the repayment ofprincipal and payment of interest all go through the Special Account forExternal Debts and Special Account for the Repayment of Principal andPayment of ticle 10 In the event of any one of the following acts of violating theseRules, the local administration of exchange control may impose a fine inRMB on the party concerned, with the amount equivalent to not more than 3percent of the external debt involved: (1) Intentionally not to go through or to put off the handling ofprocedures for the registration of external debts; (2) Refusing to submit, or making false registration in, or at leasttwice delaying the submission of the Form of Feedback to theadministration of exchange control; (3) Foreign or altering the Registration Certificate; (4) The fine shall be imposed on both the debtor and the account forExternal Debts or a Special Account for the Repayment of Principal andPayment of Interest is opened or retained without permission, or when therepayment of principal and payment of interest are not made out of theSpecial Account for the Repayment of Principal and Payment of ticle 11 The right to interpret these Rules resides in the State Administrationof Exchange ticle 12 These Rules shall go into effect on the day of their promulgation.