标题一 标题二 标题五


Interim Measures for the Administration of Working Capital Loans

第一章 总则
Chapter I General Provisions

Article 1 In order to standardize the working capital loan business operations of banking financial institutions, strengthen the prudential operation and management of working capital loans and promote the sound development of working capital loan business, these measures are formulated according to the PRC Banking Supervision and Administration Law, the PRC Commercial Banking Law and other relevant laws and regulations.

Article 2 Where banking financial institutions established in the PRC upon CBRC approval (the "lender") operate the working capital loan business, these measures shall apply.

Article 3 For purposes of these measures, working capital loans refer to RMB and foreign currency loans granted by the lender to legal-person enterprises/public institutions or other organizations qualified as a borrower according to state regulations for their daily production and operation needs.

第四条 贷款人开展流动资金贷款业务,应当遵循依法合规、审慎经营、平等自愿、公平诚信的原则。
Article 4 The lender shall follow the principles of compliance with laws and regulations, prudential operation, equality and voluntariness, fairness and good faith when carrying out the working capital loan business.

Article 5 The lender shall improve its internal control mechanism, exercise whole-process loan management, obtain comprehensive client information, establish a risk management system of working capital loans and an effective position check and balance mechanism, specify the loan management responsibilities of each specific department and position, and establish evaluation and responsibility systems for each position.

Article 6 The lender shall reasonably estimate the working capital demand of the borrower and prudentially determine the borrower's working capital lines of credit and the limit of each specific loan, and may not grant working capital loans in excess of the borrower’s actual demand.

The lender shall, according to the production and operation scale and cycle of the borrower, reasonably determine the type and term of working capital loans so as to meet the borrower’s capital demand for production and operation and exert effective control over the collection of loan capital.

Article 7 The lender shall include working capital loans into the overall lines of credit granted to the borrower and the group client the borrower belongs to, and shall establish a risk limit management system by region, industry, type of loans, etc.

Article 8 The lender shall, according to the economic operations, industry development rules and the the borrow's effective credit demand, reasonably determine its internal performance evaluation targets, and may not set any unreasonable credit scale targets, engage in excessive competition or rush to grant loans.

第九条 贷款人应与借款人约定明确、合法的贷款用途。
Article 9 The lender and the borrower shall stipulate definite and lawful purposes of the loans.

Working capital loans may not be used for investments in fixed assets or equity or for sectors and purposes where production or operation is prohibited by the state.

Working capital loans may not be misappropriated. The lender shall check and monitor the use of working capital loans according to the loan contract.

第十条 中国银行业监督管理委员会依照本办法对流动资金贷款业务实施监督管理。
Article 10 CBRC shall supervise and administer the working capital loan business according to these measures.

第二章 受理与调查
Chapter II Acceptance and Investigation

第十一条 流动资金贷款申请应具备以下条件:
Article 11 The application for working capital loans shall meet the following conditions:

(1) the borrow is duly established; 

(2) the purposes of the loans are definite and lawful;

(3) the production and operation of the borrower is in compliance with laws and regulations;

(4) the borrow has sustainable operation capacity and lawful sources of funds for repayment;

(5) the borrower has a good credit standing and has no record of material bad credit; and

(6) other conditions required by the lender.

Article 12 The lender shall set forth requirements on the form and content of the application materials for working capital loans and request the borrower to strictly abide by the principle of good faith and to undertake that the materials submitted by it are authentic, complete and valid.

Article 13 The lender shall conduct due diligence by both on-site and off-site means, work out a written report and be responsible for the authenticity, completeness and validity thereof. The due diligence shall cover but is not limited to:

(1) the organizational structure, corporate governance and internal control of the borrower, the credit standing of the legal representative and the operation and management team of the borrower, etc.;

(2) the scope of business, core business, and production and operation of the borrower, the operation plans and major investment plans of the borrower during the loan term, etc.;

(3) the industry the borrower engages in;

(4) the receivables, payables, inventory and other actual financial conditions of the borrower, etc.;

(5) the total working capital demand and the current financing liabilities of the borrower;

(6) the related parties of the borrower and the related-party transactions, etc.;

(7) the specific purposes of the loans and the use of funds by the borrower’s counterparts related to the purposes of the loans, etc.;

(8) the sources of funds for repayment, including the cash flow, consolidated income and other lawful income derived from production and operation, etc.; and

(9) with respect to secured working capital loans, the title, value and cashability of the collateral or the qualification and capability of the guarantor, etc.

第三章 风险评价与审批
Chapter III Risk Assessment and Credit Approval 

第十四条 贷款人应建立完善的风险评价机制,落实具体的责任部门和岗位,全面审查流动资金贷款的风险因素。
Article 14 The lender shall establish a sound risk assessment mechanism, specify the responsible departments and positions and examine the comprehensive risk profile of working capital loans.

第十五条 贷款人应建立和完善内部评级制度,采用科学合理的评级和授信方法,评定客户信用等级,建立客户资信记录。
Article 15 The lender shall establish and improve its internal rating system and adopt scientific and reasonable rating and credit methods to determine clients’ credit ratings and maintain clients’ credit records.

Article 16 The lender shall, according to the operation scale, business features, receivables, inventory, payables, capital cycle and other factors of the borrower, estimate its working capital needs (please see appendix for estimation methods) and shall, taking into overall consideration the cash flow, liabilities, repayment capability, guarantee and collateral conditions and other factors of the borrower, reasonably determine the loan structure, including the amount, term, interest rate, guarantee and collateral requirement and repayment method.

第十七条 贷款人应根据贷审分离、分级审批的原则,建立规范的流动资金贷款评审制度和流程,确保风险评价和信贷审批的独立性。
Article 17 The lender shall, in the principle of separation between the granting and approval of loans and the principle of level-by-level approval, establish standardized system and process for the examination and assessment of working capital loans and ensure the independence of risk assessment and credit approval.

The lender shall establish and improve its internal credit approval authority and authority delegation mechanism. Examiners shall examine loans according to the specified process within the scope of authority and may not examine loans beyond authority.

第四章 合同签订
Chapter IV Conclusion of Contracts

第十八条 贷款人应和借款人及其他相关当事人签订书面借款合同及其他相关协议,需担保的应同时签订担保合同。
Article 18 The lender shall conclude a written loan contract and other related agreements with the borrower and other related parties, and a contract on guarantee or collateral shall be concluded if necessary.

第十九条 贷款人应在借款合同中与借款人明确约定流动资金贷款的金额、期限、利率、用途、支付、还款方式等条款。
Article 19 The lender and the borrower shall expressly stipulate in the loan contract provisions on the amount, term, interest rate, purposes, payment, repayment method and other issues of the working capital loans.

第二十条 前条所指支付条款,包括但不限于以下内容:
Article 20 The provisions on payment as mentioned in the preceding Article shall include but is not limited to:

(1) the payment method of loan capital and the amount threshold for entrusted payment by the lender;

(2) change of payment method and conditions triggering such change;

(3) restricted or prohibited acts for the payment of loan capital; and

(4) records and materials for the use of loan capital to be provided by the borrower in time.

第二十一条 贷款人应在借款合同中约定由借款人承诺以下事项:
Article 21 The lender shall stipulate in the loan contract that the borrower shall undertake to:
(1) provide authentic, complete and valid materials to the lender;

(2) cooperate with the lender in loan payment management, post-loan management and relevant inspections;

(3) obtain the lender’s prior consent for making investments, substantive increase of debt financing, merger, split, equity transfer or any other major event;

(4) the lender has the right to accelerate the maturity of the loans according to the collection status of the borrower’s capital; and

(5) promptly notify the lender of any material adverse event that may affect its repayment capability.

第二十二条 贷款人应与借款人在借款合同中约定,出现以下情形之一时,借款人应承担的违约责任和贷款人可采取的措施:
Article 22 The lender and the borrower shall stipulate in the loan contract the borrower’s liabilities for breach of contract the measures available to the lender under any of the following circumstances:

(1) failure to use the loans as stipulated;

(2) failure to pay loan capital in the stipulated method;

(3) failure to comply with its undertakings;

(4) exceeding the stipulated financial indices;

(5) occurrence of any material cross default; or

(6) other circumstances in violation of the loan contract.

第五章 发放和支付
Chapter V Granting and Payment

第二十三条 贷款人应设立独立的责任部门或岗位,负责流动资金贷款发放和支付审核。
Article 23 The lender shall establish an independent department or position to be responsible for the examination of the granting and payment of working capital loans.

Article 24 The lender shall, before granting a loan, make sure that the borrower has satisfied the conditions for drawdown as stipulated in the loan contract, manage and control the payment of loan capital via entrusted payment by the lender or direct payment by the borrower as stipulated in the loan contract, and monitor the use of loan capital as stipulated.

Entrusted payment by the lender means that the lender, according to the borrower’s drawdown application and payment instruction, pays the loan capital, through the borrower’s account, to the counterpart of the borrower consistent with the purposes stipulated in the loan contract.

Direct payment by the borrower means that, after the lender releases loan capital to the borrower's account according to the borrower's drawdown application, the borrower directly pays such loan capital to its counterpart consistent with the purposes stipulated in the loan contract.

Article 25 The lender shall, according to the industry features, operation scale, management level and credit standing of the borrower and the type of the loan business, reasonably determine the payment method of loan capital and the amount threshold for entrusted payment by the lender.

第二十六条 具有以下情形之一的流动资金贷款,原则上应采用贷款人受托支付方式:
Article 26 Working capital loans under any of the following circumstances shall be in principle paid via entrusted payment by the lender:

(1) the credit relationship with the borrower is newly established and the borrower has an average credit standing;

(2) the payment receiver is definite and the amount of a single payment is relatively large; or

(3) other circumstances determined by the lender.

Article 27 With respect to entrusted payment by the lender, the lender shall, according to the stipulated uses of the loan, examine whether the payment receiver, the amount of payment and other information contained in the payment request of the borrower are identical with those indicated in the corresponding commercial contract and other certificates. Upon approval, the lender shall pay loan funds to the borrower’s counterpart through the borrower’s account.

Article 28 With respect to direct payment by the borrower, the lender shall, according to the loan contract, request the borrower to report the payments of loan capital on a periodic basis, and shall, by making account analyses, voucher verification or on-site investigation, check whether the payments are made for purposes as stipulated in the loan contract.

Article 29 If, during the payment of loans, the credit standing of the borrower deteriorates, its principal business profitability becomes weak, or there are abnormal circumstances in the use of loan capital, the lender shall negotiate with the borrower to add conditions for the granting and payment of loans, or change the payment method or stop the granting and payment of loans according to the loan contract.

第六章 贷后管理
Chapter VI Post-Loan Management

Article 30 The lender shall strengthen management after the granting of loan capital, and shall, based on the industry and business the borrower engages in and through periodical and non-periodical on-site inspection and off-site monitoring, analyze the changes in the borrower’s operation, finance, credit, payment, guarantee and collateral, financing amount and financing channels, so as to fully understand various risk factors that may affect the repayment capability of the borrower.

第三十一条 贷款人应通过借款合同的约定,要求借款人指定专门资金回笼账户并及时提供该账户资金进出情况。
Article 31 The lender shall, by stipulating in the loan contract, request the borrower to designate a special capital collection account and to report the inflows and outflows of capital under this account in a timely manner.

The lender may, according to the credit standing and financing status of the borrower, conclude an account management agreement with the borrower through negotiation, expressly stipulating the management of the inflows and outflows of capital under the designated account. The lender shall pay attention to the inflows and outflows of large-sum and abnormal capital and strengthen monitoring over capital collection account.

Article 32 The lender shall pay closely attention the significant warning signals in the operation, management, finance, and capital flow of the borrower, and timely take effective measures under the loan contract such as accelerating maturity and requesting for additional guarantee or collateral to prevent and mitigate loan risks.

Article 33 The lender shall assess whether the type, amount and term of the loans match the operations and repayment capability of the borrower, which will serve as a basis for future cooperation with the borrower, and adjust the strategy and content of the cooperation with the borrower in time when necessary.

Article 34 The lender shall, according to relevant laws and regulations and the loan contract, participate in the large-sum financing, asset sale, merger, split, stock transformation, bankruptcy liquidation and other events of the borrower so as to protect its creditor's rights.

Article 35 Where the term of a working capital loan needs to be extended, the lender shall examine the reasons for the change of asset turnover cycle related to the loan and the actual needs to decide whether to approve the extension or not, reasonably determine the term of extension and strengthen the follow-up management of the loan.

Article 36 Were working capital loans become non-performing, the lender shall place them under special management and work out a settlement plan in a timely manner. If the borrower fails to pay the principal and interest of the loans due to temporary business difficulties, the lender may negotiate with it for possible reorganization.

第三十七条 对确实无法收回的不良贷款,贷款人按照相关规定对贷款进行核销后,应继续向债务人追索或进行市场化处置。
Article 37 With respect to non-performing loans that are indeed impossible to recover, the lender shall, after writing them off according to relevant provisions, continue to claim repayment from the debtor or make disposition through market-oriented means.

第七章 法律责任
Chapter VII Legal Responsibility

Article 38 Where the lender operates the working capital loan business in violation of these measures, CBRC shall order it to make rectifications within a certain time limit. CBRC may take supervision measures under Article 37 of the PRC Banking Supervision and Administration Law if the lender is under any of the following circumstances:

(1) there is defect in its working capital loan business process;

(2) failure to specify the loan management responsibilities of each specific department and position;

(3) failure to duly perform loan investigation, risk assessment and post-loan management; 

(四)对借款人违反合同约定的行为应发现而未发现,或虽发现但未及时采取有效措施的。(4) failure to discover the borrower’s violations of the loan contract that should have been discovered, or failure to timely take effective measures after discovering them.

Article 39 Where the lender is under any of the following circumstances, in addition to the supervision measures under Article 38 of these measures, CBRC may impose punishment according to Article 46 and 48 of the PRC Banking Supervision and Administration Law:

(1) granting loans by lowering the credit conditions or in excess of the borrower’s actual capital demand;

(2) failure to conclude a loan contract as stipulated in these measures;

(3) granting a loan by colluding with the borrower in violation of the relevant regulations;

(4) ignoring the borrower’s use of working capital loans for investments in fixed asset or equity or for sectors and purposes where production and operation is prohibited by the state;

(5) examining loans beyond (in a disguised form) authority;

(6) failure to manage and control the payment of loan capital according to these measures; or

(7) other circumstances in serious violation of the prudential operation rules stipulated in these measures.

第八章 附则
Chapter VIII Supplementary Provisions

第四十条 贷款人应依据本办法制定流动资金贷款管理实施细则及操作规程。
Article 40 The lender shall work out detailed implementation rules and operating procedures for the management of working capital loans according to these measure.

第四十一条 本办法由中国银行业监督管理委员会负责解释。
Article 41 CBRC shall be responsible for the interpretation of these measures.

第四十二条 本办法自发布之日起施行。
Article 42 These measures shall come into force as of the date of promulgation.


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