In recent years, local government financing platform companies (economic entities with independent legal personality established by local governments and their departments and institutions through financial allocation or injection of assets such as land and equity) have raised funds for local economic and social development through debt financing, which has played an active role in strengthening infrastructure construction and coping with the impact of the international financial crisis. But at the same time, there are also some problems that need to be paid close attention to, mainly because the scale of debt financing of financing platform companies has expanded rapidly and its operation is not standardized enough; Local governments provide guarantees in violation of regulations or in disguised form, which increases the debt risk; Some banking financial institutions have weak risk awareness and lack credit management for financing platform companies. In order to effectively prevent financial risks, strengthen the management of local government financing platform companies, and maintain sustained and healthy economic development and social stability, relevant issues are hereby notified as follows:
First, pay close attention to cleaning up, verifying and properly handling the debts of financing platform companies.
Local governments at all levels should comprehensively clean up the debts of financing platform companies, and properly handle debt repayment and follow-up financing of projects under construction according to the principle of classified management and differential treatment.
The debts cleared this time include debts formed by direct borrowing, default or providing credit support such as guarantee and repurchase by financing platform companies. After cleaning and verification, the debts shall be classified according to the following principles:
(1) Debt borrowed by the financing platform company to undertake the construction of public welfare projects and mainly repaid by financial funds;
(2) The financing platform company undertakes the construction of public welfare projects, and the project itself has stable operating income and debts mainly repaid with its own income;
(3) Debt borrowed by the financing platform company to undertake the construction of non-public welfare projects.
For the projects under construction originally planned to be financed by the financing platform company, the follow-up funds shall be properly handled according to different situations. Local governments at all levels should strictly examine the project investment budget and sources of funds, and all kinds of funds should be concentrated on continuing and ending projects, strictly control newly started projects, and prevent the emergence of "semi-finished" projects. Public welfare projects under construction, which are approved by local governments and whose repayment sources mainly rely on financial funds, may not be financed by financing platform companies unless otherwise stipulated by laws and the State Council. Guide social funds to solve the problem of construction funds through financial budget and other channels or in a market-oriented way. For other projects under construction that use debt funds, the original lending bank should re-examine, and all projects that meet the requirements of national industrial policies, land policies, environmental protection policies, prudent credit management regulations and macro-control policies should continue to provide loans according to the agreement and promote project construction; For projects that do not meet the above requirements, local governments should clean up and properly dispose of them as soon as possible.
For loans from financing platform companies, banking financial institutions should adhere to the principle of "one package is opened, one is checked, re-evaluated, rectified and preserved" and take remedial measures in time to ensure the safety of credit assets.
Local governments at all levels should take effective measures to fulfill the debtor's debt service responsibilities. The existing debts of the financing platform company shall be repaid in accordance with the agreement, and the original creditor-debtor relationship shall not be unilaterally changed, and the debt repayment responsibility shall not be passed on or the debts evaded. Financing platform companies should make overall arrangements for funds, formulate debt repayment plans, define the debt repayment period, and earnestly assume debt repayment responsibilities.
Second, clean up financing platform companies.
The financing platform companies established before the issuance of this notice shall be cleaned up and standardized according to the following requirements: financing platform companies that only undertake the financing task of public welfare projects and mainly rely on financial funds to repay debts shall not undertake financing tasks in the future, and relevant local governments shall properly handle the companies after clarifying their debt repayment responsibilities and implementing repayment measures; For financing platform companies that undertake the financing tasks of the above-mentioned public welfare projects and undertake the construction and operation tasks of public welfare projects, after implementing the debt repayment responsibilities and measures, they should divest their financing business and no longer retain the financing platform function. For financing platform companies that undertake the financing task of public welfare projects, have stable operating income and mainly rely on their own income to repay debts, and financing platform companies that undertake the financing task of non-public welfare projects, they should enrich their capital, improve their governance structure and realize commercial operation in accordance with the relevant provisions of the Company Law of People's Republic of China (PRC). It is necessary to promote the diversification of investors and improve the equity structure of financing platform companies by introducing market-oriented methods such as private investment. Other financing platform companies with different types of financing functions should also be cleaned up and regulated according to the above principles.
In the future, if local governments really need to set up financing platform companies, they must fully inject capital in strict accordance with relevant laws and regulations. Public welfare assets such as schools, hospitals and parks shall not be injected into financing platform companies as capital.
Third, strengthen the financing management of financing platform companies and the credit management of banking financial institutions.
The financing and guarantee of financing platform companies shall strictly implement relevant regulations. The financing behavior of the financing platform companies retained after the clean-up and integration must be standardized, and the application for loans from banking financial institutions must be implemented in the project, with the project legal person company as the main body of the loan and in line with the relevant loan conditions. Financing projects must meet the requirements of national macro-control policies, development planning, industry planning, industrial policies, industry access standards and overall land use planning, and go through the formalities of project approval, approval or filing in accordance with relevant state regulations. It is necessary to use funds in strict accordance with the prescribed purposes, stress efficiency and operate steadily.
Banking financial institutions should strictly regulate credit management and effectively strengthen risk identification and risk management. It is necessary to implement the borrower's access conditions, perform the examination and approval procedures in accordance with the principle of commercialization, and carefully evaluate the borrower's financial ability and repayment source. If there is no stable cash flow as the source of repayment, loans may not be issued. The new loans of financing platform companies should directly correspond to the projects, and strictly implement the national regulations on project capital. Strictly implement loan concentration requirements, strengthen loan risk control, and adhere to the principles, procedures and standards of credit approval. According to the requirements, the project assets or expected income of the project that meet the conditions of mortgage and pledge are used as loan guarantees. It is necessary to carefully examine the loan investment to ensure that the loan meets the requirements of national planning and industrial development policies. It is necessary to strengthen post-loan management and intensify supervision and inspection. Appropriately increase the risk weight of financing platform company loans, and strictly classify the loan quality according to different situations.
Four, resolutely stop the local government's violation of the guarantee commitment.
The local government undertakes limited liability to financing platform companies within the scope of capital contribution, and realizes the internalization of debt risk of financing platform companies. To strictly implement the "People's Republic of China (PRC) Security Law" and other relevant laws and regulations. Except as otherwise provided by laws and the State Council, local governments at all levels and their subordinate departments, institutions and institutions that mainly rely on financial allocations shall not provide guarantees for financing activities of financing platform companies with state-owned assets such as fiscal revenues and administrative institutions, or in any other direct or indirect form.
Five, strengthen organizational leadership, to ensure the implementation of the work
All regions and departments should proceed from the overall situation, firmly establish Scientific Outlook on Development and a correct view of political achievements, fully understand the importance and urgency of strengthening the management of financing platform companies, unify their thinking, strengthen leadership, carefully organize and conscientiously implement them in light of the actual situation of their own regions and departments. The Ministry of Finance, the Development and Reform Commission, the People's Bank of China, the China Banking Regulatory Commission and other departments and institutions should promptly formulate specific implementation plans, improve relevant policies, and strengthen guidance and supervision over this work. The Ministry of Finance shall, jointly with relevant departments, speed up the establishment of debt management information system, accounting statistical reporting system and regular reporting system of debt information of financing platform companies, so as to realize full-scale management and dynamic monitoring of debt of financing platform companies. The audit department should strengthen the audit supervision of financing platform companies. It is necessary to study the establishment of local government debt scale management and risk early warning mechanism, incorporate local government debt revenue and expenditure into budget management, and gradually form a local government debt financing mechanism that is compatible with the socialist market economic system, standardized in management and efficient in operation.
Local governments at all levels and relevant departments and units must strictly abide by the provisions of the legal system, so that laws are strictly observed and violators are prosecuted. The problems found in the clean-up norms should be corrected in time. Those who still violate the Budget Law of the People's Republic of China, the Guarantee Law of People's Republic of China (PRC) and the Law of People's Republic of China (PRC) Commercial Bank after the clean-up norms should be dealt with severely according to the law and regulations, and the relevant responsible persons should be held accountable.
The people's governments of all provinces (autonomous regions and municipalities) should earnestly perform their duties, pay close attention to the implementation of relevant work, and report the implementation of the work to the State Council before 2010/231,and send a copy to the Ministry of Finance, the Development and Reform Commission, the People's Bank of China and the China Banking Regulatory Commission.
the State Council
20 10/June 0 10