国办发（1995）4号
（January 11， 1995）
颁布日期：19950111 　实施日期：19950111 　颁布单位：国务院办公厅

Recently， the governments in some localities indicated their intentions of issuing bonds outside China on their own behalf and applying to international credit-rating institutions for local credit ratings. This is a major issue which involves the financial and foreign debts control systems of the State. Each locality is prohibited from going its own way. With approval of the State Council， relevant matters are hereby notified as follows：

1. In accordance with the relevant provisions of current laws and regulations， a deficit budget is not permitted in local financial structure and a local government is not authorized to issue bonds outside China. Thus， it is not necessary for a local government to have its credit state rated. If the rating is already in progress， it must be given up immediately.

2. The issuance of bonds in foreign currency outside China comes within the matters relating to international commercial loans and should be dealt with in strict accordance with the relevant provisions of the State Council on strengthening the administration for obtaining international commercial loans. Those provisions provide that， for the purpose of obtaining international commercial loans， the quota thereof shall be approved by the State Planning Commission and such activities shall be included in the State plan for the use of foreign funds； the raising of foreign funds， including the issuance of bonds outside China， shall be handled by a financial institution that has been authorized by the People's Bank of China to engage in foreign financing business； and the State Administration of Foreign Exchange Control shall exercise examination and approval of， supervision and control over the mode， cost， market situation， time and other matters with regard to raising foreign funds.