Notice on regulating financial enterprises on issues related to local governments and state -owned enterprises' investment and financing behaviors
Caijin [2018] No. 23
Financial enterprises of various countries:
Financial enterprises are important forces to support local economic and social development。Current，The operation of financial enterprises is generally smooth and good，But developing in service locations、Supporting the construction of local infrastructure and public service areas still exists too much reliance on government credit endorsements，Binding local governments、Binding state -owned enterprises、Packing local debt risk and other problems，Anestrally exacerbated the hidden dangers of fiscal and financial risks。To fully implement the spirit of the 19th National Congress of the Communist Party of China，Implement the deployment and requirements of the National Financial Work Conference，Resolutely fight to prevent and resolve major risks.，Promote the steady operation of financial enterprises，Further urge financial enterprises to strengthen risk control and financial management，Strictly implement the state -owned financial capital management system，The relevant matters are notified as follows:
a、[Master Requirements] State -owned financial enterprises should strictly implement the requirements of the "Budget Law" and "State Council on Strengthening Local Government Debt Management" (Guofa [2014] No. 43)，In addition to purchasing local government bonds，Do not directly or through indirect channels such as local state -owned enterprises and institutions to provide any form of financing for local governments and their departments，Don’t violate the regulations to add local government financing platform company loans。Do not require local governments to provide guarantees or liability for debt repay。No debt funds must be provided as local construction projects、Government Investment Fund or Government and Social Capital Cooperation (PPP) project capital。
2、[Capital Certification] State -owned financial enterprises provide financing Stake Sports BettingStake Sports Bettingto state -owned enterprises (including local government financing platform companies) or PPP projects participating in local construction，It should be strengthened in accordance with the "penetration principle"，Ensure that the sources of capital sources of financing subjects are legal compliance，Financing projects meet the prescribed capital ratio requirements。If it is found that there is a "real -stock real debt"、Shareholders borrowing、debt funds such as borrowing funds and public welfare assets、Reserve land and other methods of illegal capital contribution or false funds，State -owned financial enterprises shall not provide financing。
3、[Repayment ability assessment] State -owned financial enterprises participate in local construction financing，Should carefully evaluate the repayment ability and repayment source of the financing subject，Ensure that its own operating cash flow can cover the principal and interest of debt repayment，No request or accepting local governments and its departments to provide guarantees in any way、Promise repurchase investment capital、British insurance income, etc.，Or assume debt liability in other ways。Project cash flow involves feasibility gap subsidies、Government paid、Fiscal subsidy and other financial funds arrangements，State -owned financial enterprises should strictly verify the compliance and completeness of the local government's performance of relevant procedures。It is strictly forbidden for state -owned financial enterprises to fiction or beyond authority to local governments、Financial resources signed (receivable) account agreement provides financing。
4、[Investment Fund] State -owned financial enterprises cooperate with local governments and their departments to set up various investment funds，Should strictly abide by relevant regulatory regulations，No request or accepting local governments and its departments to make a commitment to repurchase investment principal、British insurance income, etc.，Do not alien the investment funds into debt financing platforms through structured financing arrangements or adopt multi -layer nested。
5、[Asset Management Business] State -owned financial enterprises issued bank financial management、Trust Plan、Securities Futures Operation Institution Asset Management Plan、Insurance Infrastructure Investment Plan and other asset management products participate in local construction projects，It should be effectively strengthened in management in accordance with the "penetration principle"，Fully grasp the underlying basic asset information，Reinforcement period match，No rolling distribution、Collection operation、Fund pool product docking，Do not request or accept the local government to provide a bottom arrangement or be assigned the debt liability in any way，Do not provide financing for local governments in disguise。State -owned financial enterprises when conducting asset My stake betting appstake betting appmanagement products，It should fully explain the investment risk，No local government promises to repurchase、Guarantee minimum income and other hidden risk -free conditions，As a marketing method。
6、[Policy Development Finance] Policy、Development financial institutions serve major strategies for the country、When supporting the weak links of the economy and society，Should strictly abide by national laws and relevant regulations，Strictly in accordance with the principles of marketization，Strictly follow the actual project of the project rather than government credit，Strictly abide by the business scope division regulations。It is strictly forbidden to provide various types of illegal financing for local governments and state -owned enterprises，Documents that are not required or accepted by local governments to explain or imply the debt liability，Do not increase the burden on local government debt in any form illegal illegal regulations。
Seven、[Cooperation method] State -owned financial enterprises should strictly abide by the laws and regulations and policies of national government debt management laws and regulations as important content for compliance management，Practical change business mode，Provide financing for local construction projects in accordance with the law，In principle、Memorandum、Meeting Minutes and other methods to carry out business，No letter to local governments and its departments shall not be awarded。
eight、[Financial Intermediary Business] State -owned financial enterprises provide intermediary services for local state -owned enterprises such as local government financing platform companies such as local government financing platform companies，Should carefully evaluate the financial ability and repayment source of the debt main body。For the revenue source of debt -issuing enterprises, it involved in the arrangement of financial funds，Dyedon investigation，Seriously verify the compliance and authenticity of fiscal funds arrangement。In the document of the bond fundraising instructions，Do not disclose the regional fiscal revenue and expenditure、Government debt data, etc. explicitly explicit or implies information with government credit support，Misidized publicity linked to government credit，and should be clear in the relevant debt issuance manual，Local governments bear the limited liability as the investor as the investor，Related debt is responsible for repayment by local state -owned enterprises as an independent legal person。
Nine、[PPP] State -owned financial enterprises should use the standard of PPP projects as the prerequisite for financing，For the source of the project's capital、Not evaluating the value of objects in accordance with regulations、Fiscal withdrawal ability demonstration，There is a value evaluation of things、PPP projects that are not fully disclosed in the relevant information such as financial tolerance stake betting appand other related information，No financing。
10、[Financing Guarantee] Government financing guarantee agency shall operate in accordance with marketization，Carry out financing guarantee services in accordance with laws and regulations，Autonomous operation、Self -profit loss，Do not require or accept the local government to bear responsibility outside the scope of capital。
eleven、【Investment Management】 State -owned financial enterprises should strengthen the review of shareholders' qualifications。State -owned financial enterprise shareholders shall invest in state -owned financial enterprises with their own funds，Make sure the source of funds is legal，It is strictly forbidden for false capital、Influder or escaped capital，It is strictly forbidden to hold the equity of state -owned financial enterprises。Except for other provisions of laws and regulations，Equity funded by non -owned funds must not enjoy the value -added income of equity，and refund the principle of "actual capital contribution and low net assets at the end of the period"。State -owned financial enterprise shareholders' equity pledge financing with financial enterprises，It should abide by laws and regulations and relevant regulatory regulations，Do not harm the interests of other shareholders and financial companies。
Twelve、[Financial constraints] State -owned financial enterprises shall be in accordance with the principle of "essence more than form"，Full extraction of asset impairment preparation，Strict calculation of occupying capital，It must not be used as a judgment criterion for asset risks with no government background。
Thirteen、[Property Management] State -owned financial enterprises should focus on the main business，Strictly abide by the relevant regulations of state -owned financial asset management，Registration for the equity assets formed by cooperation with local governments and its departments、Evaluation、Transfer、Clearance、Exit, etc.。Reasonable setting institutional legal person level，Compression management level，Reduce the complexity of the organizational structure，In principle, similar first -level subsidiaries can only be limited to one family。
14、[Cooperative rectification] Payment of bonds on the existence of local governments illegal and violations、Disguise bonds and other issues stock projects，Development、State -owned financial enterprises such as policy financial institutions should actively cooperate with relevant parties，Carry out rectification in accordance with laws and regulations，On the basis of effectively protecting the legitimate rights and interests of all parties，Steady and orderly resolving stock debt risk。While cooperating with the rectification，State -owned financial enterprises shall not blindly draw loans、Loan and suspend loan，Preventing the risk of breaking of the capital chain of the stock debt。
fifteen、[Performance Evaluation] When the financial department conducts performance evaluation of financial stake betting appenterprises，If a financial My stake betting appenterprise violates the laws and regulations to the local government、Local state -owned enterprises, etc. provide financing，Requirement or accepting local governments and its departments to provide guarantees or liability for debt repay，If the relevant departments are held accountable in accordance with laws and regulations,，Penalties provided by relevant departments，Evaluation level of the financial enterprise lowered。
16、【Supervision and Inspection】 The local state -owned enterprise that publicly reports the Ministry of Finance involving local governments illegal and illegal debt guarantee behaviors，State -owned financial enterprises should suspend or carefully provide financing and financing intermediary services。The Office of the Finance Supervision Commissioner of the Ministry of Finance in various localities shall supervise and inspect the state -owned financial enterprises and their branches in accordance with the notice，Timely stop and correct the relevant violations，and deal with it in accordance with the law。Related inspection and processing results are copied to the relevant financial regulatory authorities。
Seventeen、【Others】 This notice is executed from the date of issuance。Other financial companies refer to execution。
Ministry of Finance
March 28, 2018
