Circular on Issues Relevant to Improving the Administration of Foreign Debt
关于完善外债管理有关问题的通知
This Circular provides that domestic debts of at least US$200K with repayment duration of at least 180 days will be administered through foreign debt registraion. Some pre-Circular interpretation conflicts and practical enforcement problems are also solved.
(Issued by the State Administration of Foreign Exchange on October 21 2005 and effective as of December 1 2005.)
(国家外汇局于二零零五年十月二十一日发布，自二零零五年十二月一日起施行。)
Hui Fa [2005] No.74
汇发 [2005] 74号
Branches and offices of the State Administration of Foreign Exchange of each province, autonomous region and municipality directly under the central government and the Shenzhen, Dalian, Qingdao, Xiamen and Ningbo municipal branches of the State Administration of Foreign Exchange; Chinese-invested designated foreign exchange banks:
国家外汇管理局各省、自治区、直辖市分局、外汇管理部，深圳、大连、青岛、厦门、宁波市分局;各中资外汇指定银行：
With a view to promoting the rational and orderly use of foreign funds by domestic enterprises and improving the administration of foreign debt, pursuant to the PRC Foreign Exchange Control Regulations, the Tentative Provisions for Statistical Monitoring of Foreign Debt, the Tentative Measures for the Administration of Foreign Debt and other relevant laws, we hereby notify you on relevant issues as follows:
为促进境内企业合理、有序地利用外资，完善外债管理，根据《中华人民共和国外汇管理条例》、《外债统计监测暂行规定》和《外债管理暂行办法》及其他相关法律规定，现就有关问题通知如下：
1. Delayed payments of at least 180 days and of a value of at least US$200,000 of domestic organizations will be subject to administration through foreign debt registration
一、 境内机构180天(含)以上、等值20万美元(含)以上延期付款纳入外债登记管理
If the amount of a delayed payment of unpaid foreign exchange under an import contract executed after December 1 2005 by a domestic organization is equivalent to at least US$200,000 and if the agreed upon or actual payment term is at least 180 days, the import enterprise shall carry out the procedures for the registration of delayed payment of foreign debt with the branch or sub-branch of the State Administration of Foreign Exchange of the place where it is located (the Foreign Exchange Bureau) and collect a Form for Signed Contracts Involving Foreign Debt within 15 working days of carrying out import customs declaration. Banks shall, on the strength of the Form for Signed Contracts Involving Foreign Debt and relevant import-related foreign exchange payment documents, carry out the import-related payment procedures for delayed payments that comply with the foregoing conditions. The amount of the foreign payment of such banks may not exceed the principal and interest recorded on the Form for Signed Contracts Involving Foreign Debt.
境内机构自2005年12月1日起新签约的进口合同，其未付汇金额在等值20万美元(含)以上，且约定或实际付款期限在180天(含)以上的延期付款，进口企业应在进口报关后15个工作日内到所在地国家外汇管理局分支局(以下简称“外汇局”)办理延期付款外债登记，领取《外债签约情况表》。对符合以上条件的延期付款，银行应凭《外债签约情况表》和相关进口项下付汇单据办理进口项下支付，其对外支付金额不得超过《外债签约情况表》登记的本金和利息。
When the Foreign Exchange Bureau carries out the procedures for the registration of delayed payment of foreign debt subsequent to an application by an enterprise, it shall examine whether the delayed payment balance exceeds the delayed payment limit determined by the Foreign Exchange Bureau. Unless otherwise specified, an enterprise's delayed payment limit shall be set by the Foreign Exchange Bureau of the place where it is located at 10% of the enterprise's total import foreign exchange payment amount during the previous year. The delayed payment limits of contracts for large sets of equipment, contracts for the long-term supply of goods, etc. with special requirements in respect of import trade credits and the delayed payment limits of newly established enterprises shall be separately determined by the local Foreign Exchange Bureau by year based on the actual requirements of the enterprise and shall be reported to the State Administration of Foreign Exchange for the record.
外汇局在为企业申请办理延期付款外债登记时，应审核其延期付款余额是否超过外汇局核定的延期付款额度。除另有规定外，企业的延期付款额度由所在地外汇局根据该企业上年度进口付汇总额的10%进行核定;大型成套设备、长期供货合同等存在特殊需要的进口贸易信贷，以及新设企业的延期付款额度，由所在地外汇局根据企业实际需要按年度另行核定延期付款额度，并报国家外汇管理局备案。
The carrying out of the procedures for the registration of the delayed payment of foreign exchange pursuant to the Circular on Issues Relevant to Strengthening the Administration of Delayed Payments and Forward Payments of Foreign Exchange for Imports (ref. Hui Fa [2005] No.8) shall no longer be required for delayed payments for which foreign debt registration has been carried out in accordance with the foregoing.
按照上述规定已办理外债登记的延期付款，不再要求按《关于加强进口延期付汇、远期付汇管理有关问题的通知》(汇发〔2005〕8号)的内容办理延期付汇登记手续。
Within 10 working days of the beginning of each month, banks shall submit to the Foreign Exchange Bureaux of the places where the enterprises are located Detailed Lists of the Payment of Interest on Delayed Payments (see Schedule One).
银行应于每月初10个工作日内向企业所在地外汇局报送《延期付款项下付息明细表》(见附表1)。
2. Regulation of the administration of the foreign debt of special types of foreign-invested enterprises
二、 规范特殊类外商投资企业的外债管理
(1) The foreign debt of foreign-invested enterprises in which the capital contribution percentage of the foreign investor(s) is less than 25% shall be handled in accordance with the provisions on the foreign debt of domestic Chinese-invested enterprises.
(一) 外国投资者出资比例低于25%的外商投资企业，其举借外债按照境内中资企业举借外债的有关规定办理。
Such enterprises that incurred a foreign debt and carried out the procedures for the registration thereof with the Foreign Exchange Bureau prior to the implementation of this Circular may carry out the procedures for the verification of the repayment of principal and payment of interest with the Foreign Exchange Bureau in accordance with relevant provisions on the administration of foreign debt.
本通知实施前已经借用外债并在外汇局办理了外债登记的上述企业，可以按照有关外债管理规定到外汇局办理还本付息核准手续。
(2) Foreign-invested enterprises whose total investment as approved by the competent government department and registered capital are equivalent, or whose total investment has not been specified, shall apply to their original examination and approval department for verification of their total investment and registered capital anew after which they can take on foreign debt in accordance with the "difference between total investment and registered capital" administration principle.
(二) 政府主管部门批准的投资总额与注册资本相等或未明确投资总额的外商投资企业，应向原审批部门申请重新核定投资总额和注册资本，然后按照“投注差”管理原则借用外债。
(3) The size of the foreign debt of foreign-invested investment holding companies shall be administered in accordance with the following principles: in the case of those with registered capital of not less than US$30 million, the total of their short-term foreign debt balance and aggregate medium and long-term foreign debt amount may not exceed four times their paid-in registered capital; in the case of those with registered capital of not less than US$100 million, the total of their short-term foreign debt balance and aggregate medium and long-term foreign debt amount may not exceed six times their paid-in registered capital.
(三) 外商投资性控股公司的外债规模按以下原则管理：注册资本不低于3000万美元的，其短期外债余额与中长期外债累计发生额之和不得超过已缴付注册资本的4倍;注册资本不低于1亿美元的，其短期外债余额与中长期外债累计发生额之和不得超过已缴付注册资本的6倍。
(4) Pursuant to the Measures for the Administration of Foreign Investment in the Leasing Industry issued by the Ministry of Commerce, the total risk assets (total risk assets = total asses
(四) 根据商务部颁发的《外商投资租赁业管理办法》，外商投资租赁公司的风险资产总额(风险资产总额=总资产-现金-银行存款-国债-委托租赁资产)不得超过其淨资产总额的10倍。外商投资租赁公司借入外债形成的资产应全部计为风险资产。
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