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Circular on Revising and Improving the Capital System for Fixed-asset Investment Projects
关于调整和完善固定资产投资项目资本金制度的通知
Minimum capital percentages lowered for fixed-asset investment projects.
(Issued by the State Council on, and effective as of, September 9 2015.)
(国务院于二零一五年九月九日发布施行。)
国发〔2015〕51号
Guo Fa [2015] No.51
各省、自治区、直辖市人民政府，国务院各部委、各直属机构：
为进一步解决当前重大民生和公共领域投资项目融资难、融资贵问题，增加公共产品和公共服务供给，补短板、增后劲，扩大有效投资需求，促进投资结构调整，保持经济平稳健康发展，国务院决定对固定资产投资项目资本金制度进行调整和完善。现就有关事项通知如下：
一、各行业固定资产投资项目的最低资本金比例按以下规定执行。
People's governments of the provinces, autonomous regions and municipalities directly under the central government, and ministries and commissions of, and organizations directly under, the State Council:
城市和交通基础设施项目：城市轨道交通项目由25%调整为20%，港口、沿海及内河航运、机场项目由30%调整为25%，铁路、公路项目由25%调整为20%。
房地产开发项目：保障性住房和普通商品住房项目维持20%不变，其他项目由30%调整为25%。
With a view to further resolving the current issues of the difficulty and expense of financing major people's livelihood and public sector investment projects, increasing the supply of public products and public services, making up shortcomings, increasing the momentum, expanding effective investment demand, promoting adjustment of the investment structure and maintaining stable and healthy economic development, the State Council has decided on revising and improving the capital system for fixed-asset investment projects. We hereby notify you of relevant matters as follows:
产能过剩行业项目：钢铁、电解铝项目维持40%不变，水泥项目维持35%不变，煤炭、电石、铁合金、烧碱、焦炭、黄磷、多晶硅项目维持30%不变。
其他工业项目：玉米深加工项目由30%调整为20%，化肥（钾肥除外）项目维持25%不变。
1. The minimum capital percentages for fixed-asset investment projects in various industries shall be handled in accordance with the following provisions.
电力等其他项目维持20%不变。
二、城市地下综合管廊、城市停车场项目，以及经国务院批准的核电站等重大建设项目，可以在规定最低资本金比例基础上适当降低。
Urban and transport infrastructure projects: for urban rail transport projects, it is revised from 25% to 20%, for port, coastal and inland waterway shipping, and airport projects from 30% to 25%, and for railway and highway projects from 25% to 20%.
三、金融机构在提供信贷支持和服务时，要坚持独立审贷，切实防范金融风险。要根据借款主体和项目实际情况，按照国家规定的资本金制度要求，对资本金的真实性、投资收益和贷款风险进行全面审查和评估，坚持风险可控、商业可持续原则，自主决定是否发放贷款以及具体的贷款数量和比例。对于产能严重过剩行业，金融机构要严格执行《国务院关于化解产能严重过剩矛盾的指导意见》（国发〔2013〕41号）有关规定。
四、自本通知印发之日起，凡尚未审批可行性研究报告、核准项目申请报告、办理备案手续的固定资产投资项目，以及金融机构尚未贷款的固定资产投资项目，均按照本通知执行。已经办理相关手续但尚未开工建设的固定资产投资项目，参照本通知执行。已与金融机构签订相关合同的固定资产投资项目，按照原合同执行。
五、国家将根据经济形势发展和宏观调控需要，适时调整固定资产投资项目最低资本金比例。
Real property development projects: the percentage remains unchanged at 20% for low income housing and ordinary commercially developed housing projects, and for other projects it is revised from 30% to 25%.
六、本通知自印发之日起执行。
Projects in industries with overcapacity: the percentage remains unchanged at 40% for iron, steel and electrolytic aluminum projects, at 35% for cement projects, and at 30% for coal, calcium carbide, iron alloy, caustic soda, coke, yellow phosphorus and polycrystalline silicon projects.
Other industrial projects: for corn further processing projects, it is revised from 30% to 20%, and the percentage remains unchanged at 25% for chemical fertilizer (excluding potassium fertilizer) projects.
The percentage for electric power and other such projects remains unchanged at 20%.
2. For urban underground utility tunnel and urban parking lot projects, as well as major construction projects, such as State Council approved nuclear power stations, the percentage may be suitably reduced from the specified minimum capital percentage.
3. When providing credit support and services, a financial institution shall adhere to an independent credit review and duly guard against financial risks. It shall, in light of the borrowing entity and the actual circumstances of the project, and in accordance with the requirements of the capital system specified by the state, conduct a comprehensive review and assessment of the genuineness of the capital, the investment returns and loan risks, adhere to the principles of controllable risk and business sustainability and decide at its discretion whether to extend loans and the specific amounts and percentages of the loans. With respect to industries with severe overcapacity, financial institutions shall strictly implement relevant provisions of the State Council, Guiding Opinions on Resolving the Problem of Serious Overcapacity (Guo Fa [2013] No.41).
4. This Circular shall apply to all fixed-asset investment projects the feasibility study reports for which have not been examined and approved, the project applications for which have not been checked and approved, and the record filing procedures for which have not been carried out, and fixed-asset investment projects for which financial institutions have not extended loans by the date of the issuance hereof. For fixed-asset investment projects for which the relevant procedures have been carried out but construction of which has not yet commenced, matters shall be handled with reference hereto. For fixed-asset investment projects for which the relevant contracts have been executed with financial institutions, matters shall be handled in accordance with the contracts.
5. The state will revise the minimum capital percentages for fixed-asset investment projects as appropriate in line with the development of the economic situation and macro control requirements.
6. This Circular shall be effective as of the date of issuance.
clp reference:2100/15.09.09prc reference:国发〔2015〕51号promulgated:2015-09-09effective:2015-09-09This premium content is reserved for
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