国际开发机构人民币债券发行管理暂行办法
中国人民银行、财政部、国家发展和改革委员会、中国证券监督管理委员会公告（2005）第5号

为了规范国际开发机构发行人民币债券的行为，促进我国债券市场进一步发展，中国人民银行、财政部、国家发展和改革委员会和中国证券监督管理委员会共同制定了《国际开发机构人民币债券发行管理暂行办法》，现予公布实施。

中国人民银行、财政部、国家发展和改革委员会、中国证券监督管理委员会
二00五年二月十八日

附件：国际开发机构人民币债券发行管理暂行办法

第一条　为规范国际开发机构人民币债券的发行，保护债券持有人的合法权益，根据《中华人民共和国中国人民银行法》和《中华人民共和国证券法》等法律、法规，制定本办法。

第二条　本办法所指国际开发机构是指进行开发性贷款和投资的国际开发性金融机构。

第三条　本办法所称国际开发机构人民币债券（以下简称人民币债券）是指国际开发机构依法在中国境内发行的、约定在一定期限内还本付息的、以人民币计价的债券。

第四条　在中国境内申请发行人民币债券的国际开发机构应向财政部等窗口单位递交债券发行申请，由窗口单位会同中国人民银行、国家发展和改革委员会、中国证券监督管理委员会等部门审核后，报国务院同意。

第五条　国家发展和改革委员会会同财政部根据国家产业政策、外资外债情况、宏观经济和国际收支状况，对人民币债券的发行规模及所筹资金用途进行审核。

第六条　中国人民银行对人民币债券发行利率进行管理。

第七条　国家外汇管理局根据有关外汇管理规定负责对发债资金非居民人民币专用账户及其结、售汇进行管理。

第八条　财政部及国家有关外债、外资管理部门对发债所筹资金发放的贷款和投资进行管理。

第九条　国际开发机构申请在中国境内发行人民币债券应具备以下条件：

（一）财务稳健，资信良好，经在中国境内注册且具备人民币债券评级能力的评级公司评级，人民币债券信用级别为AA级以上；

（二）已为中国境内项目或企业提供的贷款和股本资金在十亿美元以上；

（三）所募集资金用于向中国境内的建设项目提供中长期固定资产贷款或提供股本资金，投资项目符合中国国家产业政策、利用外资政策和固定资产投资管理规定。主权外债项目应列入相关国外贷款规划。

第十条　国际开发机构申请在中国境内发行人民币债券应提交以下材料：

（一）人民币债券发行申请报告；

（二）募集说明书；

（三）近三年经审计的财务报表及附注；

（四）人民币债券信用评级报告及跟踪评级安排的说明；

（五）为中国境内项目或企业提供贷款和投资情况；

（六）拟提供贷款和股本资金的项目清单及相关证明文件和法律文件；

（七）按照《中华人民共和国律师法》执业的律师出具的法律意见书；

（八）与本期债券相关的其他重要事项。

第十一条　国际开发机构发行人民币债券，其财务资料须由按照《中华人民共和国注册会计师法》注册的会计师依据中国会计标准进行审计，并对外公开披露。

第十二条　国际开发机构发行人民币债券须由按照《中华人民共和国律师法》执业的律师进行法律认证，并出具法律意见书。

第十三条　国际开发机构在中国境内公开发行人民币债券应组成承销团，承销商应为在中国境内设立的证券经营机构。

第十四条　人民币债券发行结束后，经相关市场监督管理部门批准，可以交易流通。

第十五条　获准发行人民币债券的国际开发机构（以下简称发行人）应当遵循中国有关信息披露的法律规定，切实履行信息披露义务。

第十六条　人民币债券发行利率由发行人参照同期国债收益率水平确定，并由中国人民银行核定。

第十七条　发行人发行人民币债券所筹集的资金，应用于中国境内项目，不得换成外汇转移至境外。发行人应按中国有关法律规定对发债闲置资金进行使用和管理。

第十八条　发行人应在人民币债券发行日前一个月内，为发债募集的资金开立非居民人民币专用账户，该账户的开立、注销及有关资金的结、售汇应经国家外汇管理局批准。

第十九条　人民币债券发行后，收回贷款和退出投资获得人民币收入用于偿付原境外调入资金需购汇汇出的，以及发行人汇出投资收益的，须到国家外汇管理局办理购汇汇出核准手续。

第二十条　发行人因贷款无法及时收回或其他原因导致其无法按期偿还人民币债券本息时，可从中国境外调入外汇资金，并按有关规定开立外汇专用账户，外汇资金结汇须经国家外汇管理局核准。

第二十一条　发行人须在每季度末向国家外汇管理局报送运用人民币债券资金发放及回收人民币贷款、投资的情况。

第二十二条　国际开发机构发行人民币债券工作文本语言应为中文。

第二十三条　国际开发机构在中国境内发行人民币债券，发生违约或其他纠纷时，适用中国法律。

第二十四条　本办法由中国人民银行会同财政部、国家发展和改革委员会、中国证券监督管理委员会解释。

第二十五条　本办法自发布之日起施行。

Joint Public Notice of the People's Bank of China, the Ministry of Finance, the State Development and Reform Commission, and the China Securities Regulatory Commission
（No.5, 2005）

In order to standardize activities of international development institutions' issuance of RMB bonds and promote development of China's bond market, the People's Bank of China, the Ministry of Finance, the State Development and Reform Commission and the China Securities Regulatory Commission jointly formulated the "Provisional Administrative Rules on International Development Institutions' Issuance of RMB Bonds" and hereby enact them.

The People's Bank of China、The Ministry of Finance 、The State Development and Reform Commission 、The China Securities Regulatory Commission
February 18, 2005

[Unofficial Translation]

Provisional Administrative Rules on International Development Institutions' Issuance of RMB Bonds

Article 1 These rules are formulated according to the "Law of the People's Republic of China on the People's Bank of China" and the "Securities Law of the People's Bank of China" and other relevant laws and regulations, so as to standardize international development institutions' issuance of RMB bonds and protect legitimate interest of bond holders.

Article 2 International development institutions in these rules refer to international financial institutions lending or investing for development purposes.

Article 3 RMB bonds issued by international development institutions （referred to as RMB bonds hereinafter） in these rules refer to RMB denominated bonds legally issued by international development institutions in China, committing to pay the interests and repay the principal within a specified period of time.

Article 4 International Development institutions that intend to issue RMB bonds in China shall apply for the issuance permit to the governing authority, such as the Ministry of Finance. The authority accepting the application shall then review it along with the People's Bank of China, the State Development and Reform Commission, the China Securities Regulatory Commission and submit it to the State Council for approval.

Article 5 The State Development and Reform Commission shall review the issuance size of RMB bonds and the use of raised funds along with the Ministry of Finance, according to the industrial policy of the State, developments of foreign capital and debt, macroeconomic performance and the balance of payments.

Article 6 The People's Bank of China regulates the interest rates of RMB bond issues.

Article 7 The State Administration of Foreign Exchange is responsible for administration of non-resident RMB accounts specially opened for fund raised by RMB bond issues and the conversion of such funds.

Article 8 The Ministry of Finance and relevant authority on foreign capital and debt management regulate the lending and investment financed by the RMB bond issues.

Article 9 An international development institution shall meet the following criteria when applying for the issuance of RMB bonds in China:

（1） It shall be financially sound and registered in China, with good creditworthiness and a credit rating above AA obtained from a credit rating agency that is competent of credit rating for RMB denominated bonds.

（2） Its total lending to and investment in domestic projects or enterprises has exceeded USD1 billion.

（3） The raised funds shall be used to finance the medium and long-term fixed asset lending to or equity investment in projects in China, which are consistent with the industrial policy, foreign capital policy and the administrative rules on fixed asset investment of the State. Projects funded by sovereign borrowing shall be included in the corresponding foreign borrowing plan.

Article 10 When applying for issuing RMB bonds, an international development institution shall provide following materials:

（1） Application report for issuance of RMB bonds;

（2） Prospectus of the bond issue;

（3） Audited financial statements and appendix of the past three years;

（4） Report of the RMB bond's credit rating and an explanation of measures to maintain the credit rating;

（5） Overview of the lending to and investment in domestic projects or enterprises;

（6） List of projects to be funded by the lending and equity investment and corresponding certificate and legal papers;

（7） Legal advice provided by lawyers who engage in the business in accordance with the "Law of the People's Republic of China on Lawyers";

（8） Other important materials related to the bond issue.

Article 11 When issuing a RMB bond, an international development institution shall have its financial statements audited according to Chinese accounting standards by accountant chartered in line with "Law of the People's Republic of China on Chartered Accountants".

Article 12 International development institutions issuing RMB bonds shall be legally verified by lawyers who engage in the business in accordance with the "Law of the People's Republic of China on Lawyers" with their written legal advice.

Article 13 International development institutions shall organize a underwriting group for their RMB bond issues in China. Eligible underwriters shall be limited to securities firms registered in China.

Article 14 After the initial offering, RMB bonds may be traded on the market with the approval of relevant market regulators.

Article 15 International development institutions gaining the approval of issuing RMB bond （referred to as issuers hereafter） shall abide by relevant rules and regulations on information disclosure and fulfil the information disclosure obligations faithfully.

Article 16 Interest rate of RMB bond's initial offering is determined by the issuer in reference to the yield of treasury bonds issued at the same time and reviewed by the People's Bank of China.

Article 17 Funds raised by issuers' RMB bonds issuance shall be used in projects in China and are not allowed to be converted into foreign currencies and transferred overseas. The issuer shall use and manage the unused funds according to relevant laws and regulations in China.

Article 18 The issuer shall open non-resident RMB accounts for funds raised by RMB bond issues one month before the date of the initial offering of RMB bonds. The opening, closure of the accounts and the conversion of such funds shall be approved by the State Administration of Foreign Exchange.

Article 19 After the issuance of RMB bonds, in the case of repayment of foreign exchange funds transferred previously from overseas with RMB proceeds arising from collection of loans and withdrawal of equity investment, or issuers' repatriation of investment gains, permission of purchase and remittance of foreign exchange by the State Administration of Foreign Exchange is required.

Article 20 If the issuer cannot service the RMB bond as scheduled, due to delayed loan collection or other causes, it is allowed to transfer foreign exchange funds from overseas and open special foreign exchange account in accordance with relevant rules. The conversion of foreign exchange funds shall be approved by the State Administration of Foreign Exchange in advance.

Article 21 The issuer shall report to the State Administration of Foreign Exchange its use of funds raised by RMB bond issuance, collection of loans and withdrawal of investment.

Article 22 Chinese should be the governing language of paperwork for the international development institutions' issuance of RMB bonds.

Article 23 Chinese law is the applicable law in the case of defaults or other disputes arising from international development institutions' issuance of RMB bonds.

Article 24 These rules are to be interpreted jointly by the People's Bank of China, the Ministry of Finance, the State Development and Reform Commission, and the China Securities Regulatory Commission.

Article 25 These rules take effects on the date of promulgation