国发（1989）6号
（January 12， 1989）
颁布日期：19890112 　实施日期：19890112 　颁布单位：国务院

The following Circular is issued， in accordance with the requirements of the Central Authorities concerning the improvement of the economic environment， the straightening out of the economic order and the deepening of the reform， for the purpose of strengthening the administration over the obtaining of international commercial loans.

1. It is imperative to control the scale of borrowing from abroad. The various localities and departments shall act in strict accordance with the State plan for the use of foreign funds. No departments or units may， without authorization， obtain from abroad any kind of international commercial loans or borrow money from the Chinese institutions and banks operating abroad， if such obtaining or borrowing is not included in the State plan for the use of foreign funds and is not approved by the head office of the People's Bank of China. Without the approval of the department for control of foreign exchange， no loans may be deposited abroad. If any party contracts a loan without authorization， the contract therefor shall not go into effect， the department for control of foreign exchange， shall not handle the registration for the foreign loan obtained， the bank shall not open a foreign exchange account for the loan， and the principal of the loan and the interest thereon may not be remitted abroad.

2. It is imperative to exercise administration over the balance of short-term international commercial loans obtained and， without the approval of the State， no quota of balance that has been verified and approved may be exceeded. Any part that exceeds the amount of the balance shall， within half a year as of the date of the promulgation of this Circular， be readjusted so that the balance shall be within the quota verified and approved， failing which the local department for control of foreign exchange shall deduct a corresponding amount from the foreign exchange the party concerned is entitled to retain or shall compulsorily make use of the party's quota of medium-term and long-term international commercial loans for the repayment of the loan. A short-term loan obtained from abroad may only be used for the turnover of the circulating funds and may not be used for investment projects in fixed assets.

3. The issuance abroad of bonds shall， within the framework of the State plan for the use of foreign funds， be handled by a financial institution that has been authorized by the People's Bank of China to issue bonds. All bond-issuing units must， prior to the issuance， apply to the People's Bank of China for approval in strict accordance with the Provisions Concerning the Administration of the Issuance of Bonds Abroad by Domestic Chinese Institutions promulgated by the People's Bank of China. Any government departments that are to issue bonds in the international market shall apply to the State Council of the People's Republic of China for approval.

Without the approval， no negotiations with the foreign parties concerned shall be conducted. The People's Bank of China shall do a good job of coordination for the domestic bond-issuing institutions to enter the international market for the issuance of bonds and examine carefully their credentials for issuing bonds abroad.

4. It is imperative to strengthen the administration of guarantee of foreign exchange. Guarantee of foreign exchange not only concerns China's international prestige but also involves the commitments to repay foreign debts. It is imperative to strictly implement the Interim Measures for the Administration of Guarantee of Foreign Exchange Provided by Domestic Institutions promulgated by the People's Bank of China. An enterprise that is to provide such guarantee shall have a sufficient amount of foreign exchange of its own as a guarantee and the total amount guaranteed may not exceed the amount of funds of its own in foreign exchange. The sum of the total amount of the guarantee of foreign exchange provided by a non- financial institution and its total amount of foreign liabilities may not exceed the ceiling prescribed by the People's Bank of China. Without the approval of the State Administration of Foreign Exchange Control， no domestic institutions may provide guarantee of foreign exchange for institutions abroad. No government departments or institutions may provide guarantee of foreign exchange for parties abroad.

5. It is imperative to examine the projects of loans strictly. With respect to a project which requires a medium- or long-term international commercial loan， the borrower unit shall， prior to the borrowing， conduct careful feasibility studies as to the capability to repay and the economic returns of the project and make sure that the obligations to repay are undertaken and that the project is subject to strict evaluation by a financial institution. No international commercial loans may be obtained for a project which has not been established as an item for processing and approved by the State planning department and for which the supporting funds in Renminbi are not yet available and the conditions such as energy supply and communication facilities are not yet present. No international commercial loans may be obtained for projects of construction which are not included in the State plan. With respect to a loan obtained from abroad by a domestic unit， the foreign exchange thus obtained may in general not be used as mortgage for loans in Renminbi and may not enter the market for regulating foreign exchange. Where special need arises， the case shall be submitted to the State Administration of Foreign Exchange Control for approval.

6. It is imperative to place a strict control on the number of windows for external borrowing. Apart from the ten existing windows designated by the State， i.e. the Bank of China， the Communications Bank， China International Trust and Investment Corporation， the Investment Bank of China， the Guangdong International Trust and Investment Corporation， the Fujian Investment Enterprise Corporation， the Hainan International Trust and Investment Corporation， the Investment and Trust Corporation of the Shanghai Municipality， the International Trust and Investment Corporation of the Tianjin Municipality and the Dalian International Trust and Investment Corporation， no other windows for borrowing from abroad shall be approved. Other localities， departments or units that intend to obtain international commercial loans shall apply to the People's Bank of China on the basis of one application for one loan or a special application for a special loan. The People's Bank of China shall conduct conscientiously the work of clearing up and rectification in the units that have borrowed from abroad. The various windows for borrowing from abroad and the units that have been permitted by the People's Bank of China to obtain international commercial loans shall handle the borrowing procedures in accordance with the relevant provisions of the People's Bank of China.

7. It is imperative to further improve the registration of foreign loans and the statistical monitoring system. All foreign loans， whether procured directly from abroad or obtained indirectly at home， shall be incorporated into the statistical monitoring system of the State for foreign loans and registered as such so as to ensure that the State maintains macro- supervision and control over the scale and structure of foreign loans. The State Administration of Foreign Exchange Control shall expedite the formulation of procedures governing the registration and statistical monitoring with respect to foreign loans obtained indirectly at home. Any parties that fail to go through the procedures of registration or delay doing so shall be penalized in strict accordance with the relevant provisions.

8. It is imperative to arrange the structure of foreign loans rationally. The State Administration of Foreign Exchange Control and other departments concerned shall make a timely study of such problems involved in a loan as the kind of currency， the interest rate， the term， the mode of borrowing， the country of origin， and the market situation and submit proposals to the State Council of the People's Republic of China. The People's Bank of China shall expedite the formulation of Procedures for the Administration of International Commercial Loans so as to strengthen the work of examination and approval and the work of administration.

People's governments at various levels and the various departments shall strictly implement the provisions of this Circular， earnestly place on their agenda the work of administration in their own localities and departments with respect to foreign loans， see to it that loans， obtained from abroad are used properly and efficiently， and ensure that the loans are repaid within the prescribed time so as to maintain the international prestige of our country. Departments for control of foreign exchange at various levels shall strengthen supervision， inspection and guidance with respect to the obtaining of foreign loans and shall report on the situation in good time. The State Council of the People's Republic of China hereby authorizes the departments for control of foreign exchange to deal severely with those that violate the State provisions concerning the administration of foreign loans in accordance with the relevant provisions and investigate the liability of persons directly responsible and of the leaders concerned. This Circular shall not apply to enterprises with foreign investment