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| Notice by the Ministry of Finance of Issues concerning Regulating the Investment and Financing Behavior of Financial Enterprises for Local Governments and State-Owned Enterprises | | 财政部关于规范金融企业对地方政府和国有企业投融资行为有关问题的通知 |
| (No. 23 [2018] of the Ministry of Finance) | | （财金〔2018〕23号） |
| All state-owned financial enterprises: | | 各国有金融企业： |
| Financial enterprises are a significant force supporting the local economic and social development. Despite of the overall steady and sound operation, financial enterprises still have problems such as excessively depending on endorsement of government credit in serving the local development and supporting the construction of local infrastructure and public service fields, tying up with local governments, tying up with state-owned enterprises, and accumulating local debt risks, which has aggravated the potential fiscal and financial risks. For the purposes of comprehensively implementing the spirit of the 19th CPC National Congress, implementing the arrangements and requirements of the National Financial Work Conference, resolutely winning the battle of preventing and resolving major risks, promoting the stable operation of financial enterprises, further urging financial enterprises to strengthen risk management and control and financial management, and strictly implementing the administrative rules on state-owned financial capital, you are hereby notified of the relevant matters as follows. | | 金融企业是支持地方经济社会发展的重要力量。当前，金融企业运营总体平稳良好，但在服务地方发展、支持地方基础设施和公共服务领域建设中仍然存在过于依靠政府信用背书，捆绑地方政府、捆绑国有企业、堆积地方债务风险等问题，加剧了财政金融风险隐患。为全面贯彻党的十九大精神，落实全国金融工作会议部署和要求，坚决打好防范化解重大风险攻坚战，促进金融企业稳健运行，进一步督促金融企业加强风险管控和财务管理，严格执行国有金融资本管理制度，现就有关事项通知如下： |
I. [General Requirements] State-owned financial enterprises shall strictly implement the Budget Law | | 一、【总体要求】国有金融企业应严格落实《预算法》和《国务院关于加强地方政府性债务管理的意见》（国发〔2014〕43号）等要求，除购买地方政府债券外，不得直接或通过地方国有企事业单位等间接渠道为地方政府及其部门提供任何形式的融资，不得违规新增地方政府融资平台公司贷款。不得要求地方政府违法违规提供担保或承担偿债责任。不得提供债务性资金作为地方建设项目、政府投资基金或政府和社会资本合作（PPP）项目资本金。 |
| II. [Examination of Capital Funds] To provide financing for state-owned enterprises (including local government financing platform companies) or PPP projects participating in the local construction, state-owned financial enterprises shall, under the “look-through principle,” strengthen the examination of capital funds, and ensure that the source of financing entities' capital funds is lawful and compliant, and the financing projects satisfy the requirements for the proportion of capital funds. Where the problems of capital contribution in violation of regulations made with “debt investment in the guise of equity investment,” borrowings from shareholders, loan funds and other debt funds, public-welfare assets or reserve land, and by other means or insufficient capital contribution are found, no state-owned financial enterprise shall provide financing therefor. | | 二、【资本金审查】国有金融企业向参与地方建设的国有企业（含地方政府融资平台公司）或PPP项目提供融资，应按照“穿透原则”加强资本金审查，确保融资主体的资本金来源合法合规，融资项目满足规定的资本金比例要求。若发现存在以“名股实债”、股东借款、借贷资金等债务性资金和以公益性资产、储备土地等方式违规出资或出资不实的问题，国有金融企业不得向其提供融资。 |
| III. [Evaluation of Repayment Capability] When providing financing for local construction, state-owned financial enterprises shall prudently evaluate financing entities' repayment capability and sources of repayment funds, and ensure that their self-owned operating cash flow is sufficient to cover the principal and interest, and shall not require or accept the local governments and their departments to provide guarantee in any form, undertake to repurchase the investment principal, guarantee principal and return or make other catch-all arrangements, or assume the repayment liability in violation of regulations by other means. Where the cash flow of a project involves viability gap funding, government payment, financial subsidies and other fiscal fund arrangements, the state-owned financial enterprises shall strictly verify the compliance and completeness of the performance of relevant procedures by the local governments. State-owned financial enterprises shall be strictly prohibited from providing financing for local governments with respect to the agreements on accounts payable (receivable) fabricated or signed beyond the power or financial strength. | | 三、【还款能力评估】国有金融企业参与地方建设融资，应审慎评估融资主体的还款能力和还款来源，确保其自有经营性现金流能够覆盖应还债务本息，不得要求或接受地方政府及其部门以任何方式提供担保、承诺回购投资本金、保本保收益等兜底安排，或以其他方式违规承担偿债责任。项目现金流涉及可行性缺口补助、政府付费、财政补贴等财政资金安排的，国有金融企业应严格核实地方政府履行相关程序的合规性和完备性。严禁国有金融企业向地方政府虚构或超越权限、财力签订的应付（收）账款协议提供融资。 |
IV. [Investment Funds] To cooperate with a local government and its departments to establish various investment funds, a state-owned financial enterprise shall strictly comply with the relevant regulatory provisions, and shall not require or accept the local government and its departments to undertake to repurchase the investment principal, guarantee principal and return or make other catch-all arrangements, or transfer any investment fund to a debt financing platform through structural financing arrangements or multi-layer nesting and by other means.
．．．．．． | | 四、【投资基金】国有金融企业与地方政府及其部门合作设立各类投资基金，应严格遵守有关监管规定，不得要求或接受地方政府及其部门作出承诺回购投资本金、保本保收益等兜底安排，不得通过结构化融资安排或采取多层嵌套等方式将投资基金异化为债务融资平台。
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