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中国人民银行


关于中国境内机构在境外发行债券的管理规定(附英文)
中国人民银行




一、为了更好地利用外资，支持国民经济建设，确保有计划地在国际金融市场上筹资，合理地安排使用借入的资金，加强对境内机构在境外发行债券的管理，特制订本规定。
二、在中国境内注册的法人（以下简称境内机构）在境外发行债券，必须遵守本规定。
三、中国人民银行总行为境内机构在境外发行债券的审批机关。国家外汇管理局及其分局（以下简称管汇部门）为境内机构在境外发行债券的管理机关，负责审查、协调和监督债券的发行及所筹资金的使用和偿还的管理。
四、境内机构需在境外发行债券，应以书面形式向当地管汇部门申请，并根据本规定第六、七、八条提交有关文件和资料，经当地管汇部门审查提出意见后，报国家外汇管理局核报中国人民银行总行批准。
五、境内机构申请在境外发行债券时，应向管汇部门提交下列文件和资料：
1．发行单位最近连续三年的业务、财务及外汇收支情况的报告；
2．发行债券的市场、方式、金额、币种、期限、利率和各项费用等情况；
3．主干事和主受托银行的情况；
4．发行债券所筹资金的管理办法和对汇率、利率风险的管理措施。
5．发行单位偿还债券本息的安排。
六、对发行债券所筹资金用于固定资产投资项目的，申请时，还应提供下列资料：
1．投资项目的可行性分析报告；
2．固定资产投资计划纳入国家或地方计划的证明文件；
3．固定资产投资项目的配套人民币资金和物资的证明文件；
4．发行债券所筹资金的使用计划。
七、对发行债券所筹资金转贷给国内企业的，申请时，应同时提供下列文件和资料：
1．国内企业的业务、财务经营状况和外汇收支情况；
2．国内企业借款的用途和配套人民币及物资的情况；
3．国内企业的借入资金用于固定资产投资纳入国家或地方计划的证明文件；
4．国内企业借入资金的使用和偿还安排；
5．国内企业固定资产投资的项目可行性分析报告；
6．发行单位与借款单位签订的贷款合同。
八、对受国内机构委托发行债券的，申请时应分别由受托机构及当地管汇部门提供下列文件和资料：
1．由受托机构提交委托机构与受托机构签订的发债协议书；
2．由受托机构根据本规定的要求提交有关文件和资料；
3．委托机构和受托机构所在地的管汇部门，应根据国家外汇管理的有关规定，分别提出委托和受托发行境外债券的审查报告。
九、首次在境外发行债券的机构，如需要申请评级，须向管汇部门提出书面申请，并附评级机构名称，用于评级的材料及评级程序等有关情况和资料，经批准后方可对外提出评级申请。评级后，发行机构应在三日内向管汇部门报告评级结果。中国人民银行总行将根据评级情况，决定是
否批准其发行债券。对于再次需要评级的机构，如其评级结果同前次不同的，应在三日内向管汇部门报告其评级结果及原因。
十、对发行机构本身业务经营需要发行债券的，所筹资金必须按批准的用途使用，债券本息的偿还自行负责。
十一、对受地方政府委托发行债券的，所筹资金应用于地方政府安排的项目，债券本息的偿还纳入地方外汇支出计划，由地方政府负责偿还。
十二、对受国家委托发行债券的，所筹资金由国家安排使用，债券本息的偿还纳入国家外汇支出计划，由国家负责偿还。
十三、债券发行单位应在发行债券的当天，将发行情况报告管汇部门，在发行后二十天内将发行债券的有关文件（包括发债说明书等）和资料报管汇部门备案。
十四、债券发行后，要在债券发行地以外的金融市场上市，须事先报管汇部门备案。对债券上市后的价格变化情况，应随时向管汇部门报告。
十五、债券发行单位，在债券发行后，必须根据管汇部门的要求，按季报送资金的使用情况、投资和贷款项目的经营情况以及资金的偿还情况。如果需要改变资金用途，必须事先取得管汇部门的同意。
十六、管汇部门有权检查债券发行单位的资金使用和偿还情况，债券发行单位必须予以配合，提供有关文件和资料。
十七、凡违反本规定的，管汇部门将视其情节轻重，给予警告、罚款和取消其发行债券资格的处罚。
十八、本规定的解释权属国家外汇管理局。


(Promulgated by the People's Bank of China on September 28, 1987)

Whole Doc.

Article 1
These Provisions are hereby formulated with a view to utilizing
foreign investment, supporting the development of national economy,
assuring the raise of funds on the international financial market based on
a plan, making a rational arrangement for use of borrowed funds and
strengthening the control of issuing bonds abroad.
Article 2
Legal entities which are registered in China (hereinafter referred to
as "institute within China" shall abide by these Provisions in respect of
issuing bonds abroad.
Article 3
The head office of the People's Bank of China is the examination and
approval authority in charge of issuing bonds abroad. The State
Administration of Exchange Control and its branch offices (hereinafter
referred to as "exchange control authorities") are the organs regulating
the issue of bonds abroad by resident institutions, and shall take the
responsibility of examining, adjusting and supervising the issue of bonds
and controlling the use and repayment of the raised funds.
Article 4
In need of issuing bonds abroad, resident institutions shall make a
written application to the local exchange control authority and submit
relevant documents and materials in light of Articles 6, 7 and 8 of these
Provisions. with suggestions made by the local exchange control authority
upon examination, the application shall be subject to the check-up by the
State control Administration of exchange and approval by the head office
of the People's Bank of China.
Article 5
In applying for issuing bonds abroad, resident institutions shall
submit the following documents and materials:
1) the report on business, finance and the status of receipt and
disbursement of foreign exchange of bonds issuing institution within the
recent consecutive three years;
2) matters as the market, types, amount, forms of currency, length,
interest rate and various expenditure of bonds issued;
3) the status of main secretaries in charge and main entrusted banks;
4) controlling methods for the funds raised through issuing bonds and
for exchange rate and rate risk;
5) arrangements of bond issuing institutions for paying back
principal plus interest of bonds;
Article 6
In case that funds raised through issuing bonds are to be used for
fixed assets investment, the following materials shall also be provided:
1) feasibility report on investment project;
2) documentation which shows that the plan about fixed assets
investment has been brought into line of the state's or local plan;
3) documentation of necessary Renminbi (RMB) Funds and necessary
goods and materials;
4) the plan for utilizing the funds raised through issuing bonds.

Article 7
In the event that funds raised through issuing bonds are to be relent
to domestic enterprises, the applicants shall present the following
materials in the meanwhile:
1) reports on conditions for the business, finance and receipts and
expenditure of foreign exchange of the domestic enterprises;
2) reports on the purpose of the loan used by the domestic enterprise
and its necessary Renminbi funds and necessary goods and materials;
3) the document testifying that the borrowed funds which are used for
the investment in fixed assets have been brought into line of the state's
or local plan;
4) arrangement for the use and repayment of the funds borrowed by the
domestic enterprise;
5) feasibility report of such domestic enterprise on the project for
investment in fixed assets;
6) a loan agreement signed between the bond issuer and the borrower.
Article 8
If the issuance of bonds is entrusted by a domestic institution, the
following documents and materials shall be provided upon application by
the entrusted institution and the local exchange control authority
respectively:
1) bonds agreement signed between the entrusting and entrusted
institutions, being submitted by the entrusted party;
2) relevant documents and materials submitted by the entrusted
institution according to these Provisions;
3) examination reports on issuing bonds in entrusting and entrusted
ways, which shall be presented respectively by the local exchange control
authorities where the entrusting and entrusted institutions are located,
in light of relevant provisions of the State Administration of Exchange
Control.
Article 9
If in need of application for grading, the institution which issues
bonds abroad for the first time, shall present the exchange control
authority a written application with materials concerning the name of the
institution for grading, materials useful for grading, grading procedures,
etc. the issuing institution shall not apply for grading abroad until the
approval is given, The issuing institution shall make a report on the
grading results to the exchange control authority within 3 days after the
grading. The head office of the People's Bank of China shall, in light of
the results of grading, decide to approve its issue of bonds or not. In
need of another grading, the institution shall give a report on the
results and reasons of the grading to the exchange control authority if
the results of grading differ from that of the last time.
Article 10
If the bonds are issued for the need of its own operation of the
issuing institution, such funds raised shall be used for the purpose as
approved, and the issuing institution shall take the full responsibility
of paying off the principal and interest of bonds.

Article 11
In case the issue of bonds is entrusted by a local government, the
raised funds shall be used for the projects arranged by the local
government, and the repayment of principal plus interest is brought into
line with the local plan for the expenditure of foreign exchange. The
local government shall be responsible for the repayment.
Article 12
If the issue of bonds is entrusted by the State, the raised funds
shall be used according to the State arrangements and the repayment of the
principal and interests is brought into line with the State plan for the
expenses of foreign exchange, The State shall undertake the responsibility
of the repayment.
Article 13
The bond issuing institution shall report the conditions of the
issuing to the exchange control authority, the same day on which bonds are
issued and file the documents and materials concerning the issue
(including the directions for the issuing of bonds, etc.) with the
exchange control authority within 20 days after the issue.
Article 14
If the bonds are to be marketed in a financial market other than the
place in which the bonds are issued after the issuance, the issuing
institution shall in advance report it to the exchange control authority
for the record, and shall provide a report to the exchange control
authority at any time when there are any changes in price after the bonds
went on the market.
Article 15
After the bonds are issued, the issuing institution shall, in the
light of requirement of the exchange control authority, submit quarterly
the reports concerning the use of the funds, operation of the investment
and loan project and the repayment of the funds. If the purpose of the
using the funds is necessary to be changed, the issuing institution shall
obtain the consent from the exchange control authority in advance.
Article 16
The exchange control authority has the right to examine the use and
repayment of the funds, and the issuing institution shall cooperate with
the exchange control authority, presenting relevant documents and
materials.

Article 17
In case of violation of these Provisions, the exchange control
authority may make the punishment of disciplinary warning, fining and even
canceling the qualification for issuing bonds according to the seriousness
of the case.
Article 18
The authority to interpret these Provisions resides in the State
Administration of Exchange Control.






1987年9月28日