NDRC's New Mid-to-Long Term Foreign Debt Approval Registration Regime

Following a one-month consultation on the draft Administrative Measures for Approval Registration of Mid-to-Long Term Foreign Debts of Enterprises in September 2022 (see link to our earlier legal update), on 10 January 2023 the National Development and Reform Commission of the PRC (NDRC) has promulgated the Administrative Measures for the Approval Registration of Mid-to-Long Term Foreign Debt of Enterprises《企业中长期外债审核登记管理办法》（国家发展和改革委员会令第56号） (NDRC Order No. 56).  

NDRC Order No. 56 establishes the foreign debt approval registration system, which, with effect from 10 February 2023, will replace the foreign debt filing registration system under NDRC Circular No. 2044¹, with NDRC Circular No. 2044 being repealed on the same day. 

In this legal briefing, we will focus on the key changes to the foreign debt filing registration regime under NDRC Circular No. 2044 (as supplemented by NDRC Circular No. 2044 Practice Manual²) and highlight the relevant aspects of NDRC Order No. 56 where further guidance from NDRC (in form of new practice manual for NDRC Order No. 56 or other forms of Q&A) would be welcomed to facilitate the administration of the new foreign debt approval registration regime.