China to enhance foreign debt supervision
Updated: 2013-05-03 10:20
BEIJING -- New rules on foreign debt registration have been unveiled in China in an effort to enhance the monitoring of debts and prevent potential risks, the industry's regulator announced on Thursday.
The State Administration of Foreign Exchange (SAFE) said in a statement that the rules optimized and streamlined the procedures of registering foreign debts.
The administration and its local branches will be responsible for the management and supervision of foreign debt registrations, how debts will be used and repayments, according to the new rules.
The rules require debtors, including financial departments and commercial banks, to report their foreign debts to the SAFE.
The administration said it aims to strengthen the monitoring and inspection of foreign debts to ward off potential risks.
The rules will become effective on May 13.