Clifford Chance

NDRC replaces approval regime with filing regime for foreign debt control and other legal updates from China

29 September 2015

Recent legal updates from China demonstrate a shift in the government's policies to further liberalise the market and encourage the development of the Chinese leasing industry: (1) on 14 September 2015, the National Development and Reform Commission (NDRC) of the People's Republic of China (PRC) issued the Circular on Promoting the Reform of the Filing and Registration Regime for Issuance of Foreign Debt by Corporate Entities (Circular 2044), replacing the previous approval system with a national quota and filing regime for foreign debts; (2) a series of recent circulars and policies allow onshore operating lease rentals to be denominated in a foreign currency; and (3) on 31 August 2015, the State Council issued the Guidance Opinion on Encouragement of the Development of the Financial Leasing Industry (Guidance).

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