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Reegulations for Providing Short-Term Loans in For
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1980.08.30
BANK OF CHINA
 REGULATIONS  FOR  PROVIDING SHORT-TERM LOANS IN FOREIGN CURRENCY BY
THE BANK OF CHINA
(Approved by Transmission by the State Council on August 30, 1980)
CONTENTS
 CHAPTER I ELIGIBLE BORROWERS AND THE PURPOSES FOR WHICH LOANS ARE TO
BE USED
CHAPTER II PREREQUISITES FOR BORROWING
  CHAPTER   III  APPLICATIONS  FOR  LOANS,  EXAMINATION  AND
APPROVAL OF APPLICATIONS AND DRAWDOWNS OF THE LOANS
CHAPTER IV TERM OF LOANS AND RATES OF INTEREST
CHAPTER V REPAYMENT OF LOANS
CHAPTER VI BUYERS' CREDITS
CHAPTER VII BANK SUPERVISION
CHAPTER VIII SUPPLEMENTARY REGULATIONS
 With  the funds it raises from abroad, the Bank of China is ready to
provide  loans   in   foreign   currency  to  export-oriented
industries  and  other enterprises  in order to boost their foreign
exchange earnings on the basis of self-reliance, thereby speeding
up the socialist modernization of our country. It is for these
purposes that the following regulations are formulated.
 CHAPTER I ELIGIBLE BORROWERS AND THE PURPOSES FOR WHICH LOANS ARE TO
BE USED
 @@  Article  1.  Loans  are  to be granted to export-oriented
industries and other  enterprises  earning foreign exchange income
directly or indirectly who can meet the prerequisites for borrowing.
The Loans are primarily for encouraging export-oriented industries
to  tap  production  potential and renovate obsolete plants and
equipment.
@@ Article 2. The loans are to be used for:
 a.  financing  imports  of  advanced  technology, equipment and
materials essential  to upgrading the borrower's productivity and the
quality, variety and packaging of export goods;
 b.  financing  imports  of  raw materials and components to be
processed for export;
 c.  developing  transportation  and  tourism  and  carrying out
engineering projects contracted with foreign firms;
 d. supporting the processing of raw materials and assembling of
parts supplied by foreign buyers, and supporting compensatory trade; and
 e.  providing  short-term working capital to production that earns
foreign exchange directly or indirectly.
CHAPTER II PREREQUISITES FOR BORROWING
@@ Article 3. Applicants must meet the following requirements:
 a.  Effective productivity of the loan: Preference is given to
borrowers who are able to earn more foreign exchange in proportion to
the money invested and repay bank loans sooner. Borrowers should
be  able  to run their enterprises efficiently, make the most of the
imported advanced technology, equipment  and  raw  materials, tap
their  production potential, renovate obsolete plants and equipment,
enhance  the  competitiveness  of  their  export  goods  in  the
international markets, thereby earning more foreign exchange for the
country.
 b.  Assurance  of  repayment: Borrowers must give evidence of a
reliable source  of  foreign  exchange income and the ability to
repay loans plus interest for which they are required to submit a
schedule of repayment.
 Where  loans are granted to the export-goods industry, the increased
output attributed to the loan should be primarily for export and not
be included in the state domestic marketing plan. The income from the
increased output and the export proceeds in foreign exchange should
first be set aside for repayment  of the bank loan. In case the
goods are to be turned over to a foreign trade corporation for
export,  the  borrower should sign a sales contract  with  this
corporation which commits the latter to repay the bank loan in foreign
exchange for the borrower.
 Enterprises  not directly related to the export trade must submit a
document of approval signed by the department in charge committing
the latter to repay the loan from its own foreign exchange income.
When necessary, the bank may demand that some organization that has a
regular foreign exchange income stand surety for the borrower.
 c.  Readiness  of  domestic factors of production to make imported
materials and  equipment  operational: Domestic factors of production
refer to factory buildings,  equipment, steam, water, electricity
and fuel, raw materials, labour force, technological expertise and
counterpart  funds in Renminbi requisite  to making the imported
equipment  and materials operational. These items  must  be duly
arranged and approved by the Planning Commission or the authorities in
charge  who  have  to list them in their plans or sign contracts
with the borrower.
 d. With respect to the items mentioned above, borrowers should obtain
prior approval  of  higher authorities for those items that require
allotment  of  funds  for  capital  construction or technological
installations.
  CHAPTER   III  APPLICATIONS  FOR  LOA

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