On 14 March 2024, the National Development and Reform Commission (NDRC) of the People's Republic of China issued a consultation paper for the Circular of NDRC on Supporting High-Quality Enterprises to Borrow Medium and Long-Term Foreign Debts to Promote the High-Quality Development of the Real Economy (the Consultation Paper). The Consultation Paper proposes refining the existing framework to support further economic development through easing foreign debt financing by PRC enterprises that are considered as "high quality". Based on the Consultation Paper, enterprises that qualify as "high-quality" enterprises will benefit from streamlined requirements and an accelerated application process when applying for foreign debt registration approval with NDRC pursuant to the Administrative Measures for the Review and Registration of Medium and Long-Term Foreign Debt of Enterprises (NDRC Order No. 56 of 2023). Comments on the Consultation Paper are due by 13 April 2024.

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