BEIJING, March 15 (Xinhua) -- The National Development and Reform Commission (NDRC), China's top economic planner, released on Thursday an opinion-inviting circular to support quality enterprises borrowing mid- and long-term foreign debts, reported China Securities Journal on Friday.
NDRC took the move to further widen high-level opening up, boost cross-border investment and financing facilitation and help enterprises better utilize the markets and resources at home and abroad.
As the circular provides, quality enterprises that boast prominent industry position and sound credit records and can drive high-quality development of the real economy are supported to borrow foreign debts.
At the present stage, enterprises that meet the following requirements at the same time are prioritized in being supported to borrow foreign debts, including those meeting related requirements of corporate mid- and long-term foreign debts approval and registration rules, whose production and operation run in line with national macroeconomic regulation and industrial policies, whose major business and financial indicators stay at industry-leading or regionally leading levels, whose international credit ratings are investment grade (BBB- or higher levels) or domestic ratings are AAA, and who had in the past three years no debt default and no delay in debt principal and interest payment that has not ended yet at home and abroad, etc.
The circular also simplifies approval requirements and procedures to better serve enterprises. For instance, special approval will be applicable to foreign debt approval and registration applications from quality enterprises. Such enterprises will be allowed to submit applications for planned foreign debt quotas combined with those of their subsidiaries for one-time application and use of multiple times or internal adjustment of foreign debt quotas. (Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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