To further enhance the facilitation of cross-border trade and investment in Beijing, support the construction of Beijing’s "Two Zones" (National Comprehensive Demonstration Zone for Opening Up the Services Sector and China (Beijing) Pilot Free Trade Zone), and promote high-quality development through high-level opening up, the State Administration of Foreign Exchange (SAFE) has approved the implementation of a pilot program for high-level opening up of cross-border trade and investment in Beijing. To ensure the orderly implementation of the pilot reform and effectively prevent risks, the Beijing Branch of SAFE has issued the Implementation Rules for the Pilot Program of High-Level Opening Up of Cross-Border Trade and Investment in Beijing. This document aims to assist enterprises in understanding the applicable conditions and application requirements of the relevant policies.

Non-financial enterprises in Beijing that meet the eligibility criteria may directly handle the relevant registration procedures for borrowing external debt with banks under the jurisdiction of the Beijing Branch of SAFE.

Non-financial enterprise borrowers (excluding real estate enterprises, local government financing platforms, financial leasing companies, financing guarantee companies, commercial factoring companies, local asset management companies, microfinance companies, and pawnshops) that choose the Macro-prudential Cross-border Financing Model for borrowing external debt are eligible. This does not include non-financial enterprise borrowers that choose other methods for borrowing external debt (including the "Investment-Vs.-Registered-Capital Differential" model, one-time external debt registration, the cross-border financing facilitation pilot, the pilot program for parent-subsidiary external debt quota sharing in financial leasing, etc.).

Non-financial enterprise borrowers registered in Beijing may, before drawing down the external debt, submit the application materials to banks under the jurisdiction of the Beijing Branch of SAFE to complete the external debt signing (or amendment) registration procedures.

01 Application Form for External Debt Registration by Non-Financial Enterprises (Macro-prudential Model) (with a written explanation attached if necessary).

02 Copies of the key terms of the external debt contract stamped with the official seal (for overseas bond issuances, provide supporting materials such as the subscription agreement or global bond certificate).

03 Audited financial reports for the previous year or the most recent period.

04 If an amendment to the external debt registration is required due to changes in key terms of the external debt contract (such as parties involved, currency, amount, term, interest rate, purpose of the loan, or applicable law), the original Registration Form for External Debt Signing by Domestic Institutions must be provided, along with the relevant business registration certificate.

The risk-weighted balance of cross-border financing for non-financial enterprise borrowers must not exceed the upper limit of their risk-weighted cross-border financing capacity. The risk-weighted balance and the upper limit of the risk-weighted cross-border financing capacity shall be calculated in accordance with the formulas specified in the Notice of the People's Bank of China on Matters Related to the Macro-prudential Management of Cross-Border Financing (Yin Fa [2017] No. 9). Parameters such as the macro-prudential adjustment factor shall be implemented in accordance with the current regulatory documents.