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Chinanews, Beijing, Feb. 8 – Chinese financial institutions should not transfer their bad debt to foreign enterprises in items that are forbidden by the "Directory of Foreign Investment Industries", and in industries that involve national security, according to a notification jointly1 issued by the State Development and Reform Commission (SDRC)and the State Administration of Foreign Exchange (SAFE).
The notification requires that, when domestic companies’ bad debt is transferred to foreign enterprises, such transfer should be done fairly and in an open way. The general rule for the purchase of bad debt is that the foreign purchaser must pay in full all the money due the seller. The notification requires that Chinese financial institutions should not transfer to foreign investors2 any bad debts in which Chinese governments at all levels or their subordinate administrative3 bodies have a stake. Also, the transfer should not violate any clauses written in the said "Directory". According to the notification, foreign investors that purchase Chinese companies’ bad debts should not maliciously4 release any information in public nor do anything detrimental5 to the reputation of Chinese companies in their paying of foreign debts. They should neither ask Chinese governments at all levels or their subordinate administrative bodies to pay for the debts. If foreign investors maliciously release any information in public or do anything detrimental to the reputation of Chinese companies in their paying of foreign debts, or if foreign investors involve in money laundering6 or other illegal activities through the buying of these bad debts, SDRC and SAFE will forbid these foreign investors to buy any bad debts in China. Investors from Hong Kong, Macao and Taiwan will also observe this notification when they buy bad debts from mainland companies.
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