| Notice by the National Development and Reform Commission, the People's Bank of China, the Ministry of Finance and the China Banking and Insurance Regulatory Commission of Issuing the Key Points of the Reduction of Corporate Leverage Ratios in 2019 | | 国家发展改革委、人民银行、财政部、银保监会关于印发《2019年降低企业杠杆率工作要点》的通知 |
| (No. 1276 [2019] of the National Development and Reform Commission) | | （发改财金〔2019〕1276号） |
| The people's governments of all provinces, autonomous regions, municipalities directly under the Central Government and cities under separate state planning; Xinjiang Production and Construction Corps; all member departments and entities of the Inter-Ministerial Joint Meeting for Active and Reliable Reduction of Corporate Leverage Ratios, and the National Audit Office; and large state-owned commercial banks and joint-stock commercial banks: | | 各省、自治区、直辖市、计划单列市人民政府，新疆生产建设兵团，积极稳妥降低企业杠杆率工作部际联席会议各成员部门和单位、审计署，国有大型商业银行、股份制商业银行： |
| For the purposes thoroughly studying Xi Jinping Thought on Socialism with Chinese Characteristics in a New Era, comprehensively implementing the spirit of the 19th CPC National Congress and the Second and Third Plenary Sessions of the 19th CPC Central Committee, conscientiously implementing various arrangements of the Central Economic Work Conference and the Government Work Report, winning the battle of preventing and resolving major risks, and effectively controlling macro leverage ratios, with the approval of the State Council, the Key Points of the Reduction of Corporate Leverage Ratios in 2019 are hereby issued to you. Please conscientiously organize the implementation thereof, and ensure the effective implementation of various tasks. | | 为深入学习习近平新时代中国特色社会主义思想，全面贯彻党的十九大和十九届二中、三中全会精神，认真落实中央经济工作会议和政府工作报告各项部署，打好防范化解重大风险攻坚战，使宏观杠杆率得到有效控制。经国务院同意，现将《2019年降低企业杠杆率工作要点》印发你们，请认真组织实施，抓好任务落实。 |
| National Development and Reform Commission | | 国家发展改革委 |
| People's Bank of China | | 人 民 银 行 |
| Ministry of Finance | | 财 政 部 |
| China Banking and Insurance Regulatory Commission | | 银 保 监 会 |
| July 26, 2019 | | 2019年7月26日 |
| Annex | | 附件 |
| Key Points of the Reduction of Corporate Leverage Ratios in 2019 | | 2019年降低企业杠杆率工作要点 |
| For the purposes of thoroughly studying and implementing Xi Jinping Thought on Socialism with Chinese Characteristics in a New Era and the spirit of the 19th CPC National Congress, and conscientiously implementing various deployments of the Central Economic Work Conference and the Government Work Report, in accordance with the requirements of the Opinions of the State Council on Vigorously, Steadily and Properly Reducing Corporate Leverage Ratios (No. 54 [2016], State Council) and the Notice by General Office of the CPC Central Committee and the General Office of the State Council of Issuing the Guiding Opinions on Strengthening Asset-Liability Constraints on State-owned Enterprises, the key points of the reduction of corporate leverage ratios in 2019 are hereby put forward as follows. | | 为深入学习贯彻习近平新时代中国特色社会主义思想和党的十九大精神，认真落实中央经济工作会议和政府工作报告各项部署，按照《国务院关于积极稳妥降低企业杠杆率的意见》（国发〔2016〕54号）、《中共中央办公厅国务院办公厅印发〈关于加强国有企业资产负债约束的指导意见〉的通知》要求，现提出2019年降低企业杠杆率工作要点如下。 |
| I. Making more efforts to advance the increase of the quantity, the expansion of the coverage and the improvement of the quality of market-based and law-based debt-to-equity swaps. | | 一、加大力度推动市场化法治化债转股增量扩面提质 |
| (1) Promoting the maximization of the central role of financial asset investment companies in market-based debt-to-equity swaps. The commercial banks that establish financial asset investment companies shall further strengthen the linkage between administration and companies, expand the staffing of financial asset investment companies, enrich the team of financial asset investment talents, and establish the performance evaluation and remuneration management system that conforms to the characteristics of equity investment. (The commercial banks that establish financial asset investment companies shall be responsible for the relevant work, and complete such work before end of September 2019.) | | （一）推动金融资产投资公司发挥市场化债转股主力军作用。设立金融资产投资公司的商业银行要进一步加强行司联动，扩大金融资产投资公司编制，充实金融资产投资人才队伍，建立符合股权投资特点的绩效评价和薪酬管理体系。（各设立金融资产投资公司的商业银行负责，完成时间：2019年9月底前） |
| (2) Broadening the channels for social capital to participate in market-based debt-to-equity swaps. The recordation system for asset management products initiated and established by financial asset investment companies shall be introduced. (The China Banking and Insurance Regulatory Commission (“CBIRC”) shall be responsible for the relevant work, and complete such work before the end of 2019.) The market-based debt-to-equity swap asset management products shall be included in the white list of long-term funds such as insurance funds with which investment is allowed to be made. (The CBIRC shall be responsible for the relevant work, and complete such work before the end of September.) Explorations shall be made to allow publicly offered asset management products that meet certain conditions to participate in debt-to-equity swaps of quality enterprises. (The People's Bank of China (“PBC”), the CBIRC, the National Development and Reform Commission (“NDRC”), and the China Securities Regulatory Commission (“CSRC”) shall be responsible for the relevant work according to the division of functions, and complete such work before the end of 2019.) | | （二）拓宽社会资本参与市场化债转股渠道。出台金融资产投资公司发起设立资管产品备案制度。（银保监会负责，完成时间：2019年9月底前）将市场化债转股资管产品列入保险资金等长期限资金允许投资的白名单。（银保监会负责，完成时间：2019年9月底前）探索提出允许在满足一定条件下公募资管产品依法合规参与优质企业债转股。（人民银行、银保监会、国家发展改革委、证监会按职责分工负责，完成时间：2019年底前） |
| (3) Accelerating the use of funds unleashed from targeted required reserve ratio (“RRR”) cuts of joint-stock commercial banks. An eligible joint-stock commercial bank shall be supported in participating in market-based debt-to-equity swaps through its subsidiaries with the equity investment function, an existing equity investment institution of the same financial holding group, or an institution with the equity investment function to cooperate with it. (The CBIRC, the NDRC, the PBC, and the Ministry of Finance shall be responsible for the relevant work according to the division of functions, and advance such work continuously.) Eligible joint-stock commercial banks shall be boosted to establish financial asset investment companies independently or jointly. (The CBIRC shall be responsible for the relevant work, and advance such work continuously) | | （三）加快股份制商业银行定向降准资金使用。支持符合条件的股份制商业银行利用所属具有股权投资功能的子公司、同一金融控股集团的现有股权投资机构或拟开展合作的具有股权投资功能的机构参与市场化债转股。（银保监会、国家发展改革委、人民银行、财政部按职责分工负责，完成时间：持续推进）推动符合条件的股份制商业银行单独或联合设立金融资产投资公司。（银保监会负责，完成时间：持续推进） |
| (4) Strengthening the assessment of the use of funds unleashed from targeted RRR cuts of commercial banks. Commercial banks shall be further advanced to mobilize resources of the whole banks to effectively use funds unleashed from targeted RRR cuts to support market-based debt-to-equity swaps. (The PBC shall be responsible for the relevant work, and advance such work continuously.) | | （四）加强对商业银行定向降准资金使用情况的评估考核。进一步推动商业银行调动全行资源用好定向降准资金支持市场化债转股。（人民银行负责，完成时间：持续推进） |
(5) Taking various measures to solve the problem of excessive capital occupation of market-based debt-to-equity swaps. Commercial banks shall be supported in issuing perpetual bonds to replenish capital. Foreign investments in purchasing shares of financial asset investment companies and other debt-to-equity swap implementation institutions according to laws and regulations shall be encouraged. (The PBC and the CBIRC shall be responsible for the relevant work according to the division of functions, and advance such work continuously.) The problems of high risk weight and high capital occupation of equities in debt-to-equity swaps held by financial asset investment companies and other institutions shall be resolved properly. (The CBIRC shall be responsible for the relevant work, and complete such work before the end of 2019.)
．．．．．． | | （五）采取多种措施解决市场化债转股资本占用过多问题。支持商业银行发行永续债补充资本。鼓励外资依法合规入股金融资产投资公司等债转股实施机构。（人民银行、银保监会按职责分工负责，完成时间：持续推进）妥善解决金融资产投资公司等机构持有债转股股权风险权重较高、资本占用较多问题。（银保监会负责，完成时间：2019年底前）
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