NDRC’s easing of restrictions will likely facilitate Chinese companies’ entrance into international debt capital and loan markets.

Introduction -

On 14 September 2015, China’s National Development and Reform Commission (NDRC) issued the Circular on Promoting the Reform of the Filing and Registration System for Issuance of Foreign Debt by Enterprises (the NDRC Circular) (?????????????????????????????). The NDRC Circular has introduced a registration system for foreign debt to replace the existing case-by-case pre-approval system, representing a major regulatory breakthrough — easing restrictions on Chinese companies raising offshore financings. The NDRC Circular came into force immediately upon promulgation.