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| Notice of the Ministry of Finance on Issuing the Measures for the Administration of the Issuing of Local Government Bonds | | 財政部關于印發《地方政府債券發行管理辦法》的通知 |
| (No. 43 [2020] of the Ministry of Finance) | | （財庫〔2020〕43號） |
| The public finance departments (bureaus) of all provinces, autonomous regions, municipalities directly under the Central Government and cities under separate state planning; Financial Bureau of Xinjiang Production and Construction Corps; Regulatory Bureaus of the Ministry of Finance in all regions; China Central Depository & Clearing Co., Ltd. and China Securities Depository and Clearing Corporation Limited; Shanghai Stock Exchange and Shenzhen Stock Exchange; members of the underwriting group of local government bonds; local government bonds credit rating agencies and other third-party professional institutions: | | 各省、自治區、直轄市、計劃單列市財政廳（局），新疆生產建設兵團財政局，財政部各地監管局，中央國債登記結算有限責任公司、中國證券登記結算有限責任公司，上海證券交易所、深圳證券交易所，地方政府債券承銷團成員，地方政府債券信用評級機構等第三方專業機構： |
| For the purpose of regulating the administration of the issuance of local government bonds and protecting the lawful rights and interests of investors, in accordance with the Budget Law of the People's Republic of China, the Notice by the General Office of the CPC Central Committee and the General Office of the State Council of Effectively Issuing Special Local Government Bonds and Supporting Project Financing, the Opinions of the State Council on Strengthening the Administration of Local Government Debts (No. 43 [2014], State Council), and other laws and regulations, and relevant rules, the Ministry of Finance has developed the Measures for the Administration of the Issuing of Local Government Bonds, which are hereby issued for your compliance and implementation. | | 為規範地方政府債券發行管理，保護投資者合法權益，根據《中華人民共和國預算法》、《中共中央辦公廳 國務院辦公廳關于做好地方政府專項債券發行及項目配套融資工作的通知》和《國務院關于加強地方政府性債務管理的意見》（國發〔2014〕43號）等法律法規和相關規定，財政部制定了《地方政府債券發行管理辦法》。現予以公布，請遵照執行。 |
| The Interim Measures for the Administration of the Issuing of General Local Government Bonds (No. 64 [2015], MOF) and the Interim Measures for the Administration of the Issuing of Special Local Government Bonds (No. 83 [2015], MOF) shall be concurrently repealed. | | 《地方政府一般債券發行管理暫行辦法》（財庫〔2015〕64號）和《地方政府專項債券發行管理暫行辦法》（財庫〔2015〕83號）同時廢止。 |
| Annex: Measures for the Administration of the Issuing of Local Government Bonds | | 附件：地方政府債券發行管理辦法 |
| Ministry of Finance | | 財政部 |
| December 9, 2020 | | 2020年12月9日 |
| Annex: | | 附件 |
| Measures for the Administration of the Issuing of Local Government Bonds | | 地方政府債券發行管理辦法 |
| Chapter I General Provisions | | 第一章 總則 |
| Article 1 For the purpose of regulating the administration of the issuing of local government bonds and protecting the lawful rights and interests of investors, in accordance with the Budget Law of the People's Republic of China, the Notice by the General Office of the CPC Central Committee and the General Office of the State Council of Effectively Issuing Special Local Government Bonds and Supporting Project Financing, the Opinions of the State Council on Strengthening the Administration of Local Government Debts (No. 43 [2014], State Council), and other laws and regulations, and relevant rules, these Measures are developed. | | 第一條 為規範地方政府債券發行管理，保護投資者合法權益，根據《中華人民共和國預算法》、《中共中央 辦公廳國務院辦公廳關于做好地方政府專項債券發行及項目配套融資工作的通知》和《國務院關于加強地方政府性債務管理的意見》（國發〔2014〕43號）等法律法規和相關規定，制定本辦法。 |
| Article 2 For the purpose of these Measures, “local government bonds” means government bonds that are issued by the people's governments of the provinces, autonomous regions and municipalities directly under the Central Government, and the people's governments of cities under separate state planning approved by the provincial people's governments to issue bonds on their own and for which repayment of principle and interests is agreed upon within a certain period. | | 第二條 本辦法所稱地方政府債券，是指省、自治區、直轄市和經省級人民政府批准自辦債券發行的計劃單列市人民政府（以下稱地方政府）發行的、約定一定期限內還本付息的政府債券。 |
| Local government bonds include general bonds and special bonds. General bonds are government bonds issued for non-profit public welfare projects, whose main source of funds for repayment of principle and interests are general public budget revenue; and special bonds are government bonds issued for public welfare projects with certain income, whose main source of funds for repayment of principle and interests are revenue from government-managed funds or special income corresponding to public welfare projects. | | 地方政府債券包括一般債券和專項債券。一般債券是為沒有收益的公益性項目發行，主要以一般公共預算收入作為還本付息資金來源的政府債券；專項債券是為有一定收益的公益性項目發行，以公益性項目對應的政府性基金收入或專項收入作為還本付息資金來源的政府債券。 |
| Article 3 Local governments shall organize the issuance and repayment of principal and interest of local government bonds in their respective regions in accordance with the law. The issuing and redemption of local government bonds shall be handled by the public finance departments of the local government (hereinafter referred to as the “local public finance departments”). | | 第三條 地方政府依法自行組織本地區地方政府債券發行和還本付息工作。地方政府債券發行兌付工作由地方政府財政部門（以下稱地方財政部門）負責辦理。 |
| Article 4 Local public finance departments shall effectively perform their debt repayment responsibilities, pay the principal and interests of bonds in a timely manner, and maintain the government's credibility. They shall strengthen the follow-up management of special bond projects, strictly implement the relevant requirements for the balance of project revenue and financing scale, guarantee the repayment of principle and interests for bonds, and prevent the repayment risks of special bonds. | | 第四條 地方財政部門應當切實履行償債責任，及時支付債券本息，維護政府信譽。加強專項債券項目跟蹤管理，嚴格落實項目收益與融資規模相平衡的有關要求，保障債券還本付息，防範專項債券償付風險。 |
| Article 5 Local public finance departments, members of the underwriting group of local government bonds, credit rating agencies and other relevant entities shall effectively complete the work concerning the issuing of local government bonds under the principles of marketization and standardization. | | 第五條 地方財政部門、地方政府債券承銷團成員、信用評級機構及其他相關主體，應當按照市場化、規範化原則做好地方政府債券發行相關工作。 |
| Chapter II Quota and Maturity for Bonds Issuing | | 第二章 債券發行額度和期限 |
| Article 6 The local public finance departments shall issue local government bonds within the sub-regional quota approved by the State Council. The issuing scale of new bonds, refinancing bonds, and replacement bonds shall not exceed the bond limit or the upper limit of the issuing scale of the corresponding types of bonds issued by the Ministry of Finance (“MOF”) in the current year. | | 第六條 地方財政部門應當在國務院批准的分地區限額內發行地方政府債券。新增債券、再融資債券、置換債券發行規模不得超過財政部下達的當年本地區對應類別的債券限額或發行規模上限。 |
| Article 7 The local public finance departments shall reasonably determine the bond maturity structure based on factors such as project maturity, financing costs, distribution of due debts, investor demand, and bond market conditions. | | 第七條 地方財政部門應當根據項目期限、融資成本、到期債務分布、投資者需求、債券市場狀況等因素，合理確定債券期限結構。 |
| Article 8 The local public finance departments may, in light of the actual circumstance, adopt the principal repayment methods such as repayment upon maturity, advance repayment, and installment repayment under the premise of protecting the lawful rights and interests of creditors under the market-oriented principle. | | 第八條 地方財政部門可結合實際情況，在按照市場化原則保障債權人合法權益的前提下，采取到期償還、提前償還、分期償還等本金償還方式。 |
| Article 9 The local public finance departments shall balance the general bond maturity structure, and reasonably determine the special bond maturity in sufficient consideration of the project cycle and bond market demand, among others, and the special bond maturity shall match the project maturity. Where the maturity of special bonds does not match the maturity of a project, financing may be carried out by means of successive issuing within the same project cycle. Special bonds may be issued corresponding to a single project or be collectively issued corresponding to multiple projects. The MOF shall conduct necessary overall planning and coordination on the issuing maturity period of local government bonds. | | 第九條 地方財政部門應當均衡一般債券期限結構，充分結合項目周期、債券市場需求等合理確定專項債券期限，專項債券期限應當與項目期限相匹配。專項債券期限與項目期限不匹配的，可在同一項目周期內以接續發行的方式進行融資。專項債券可以對應單一項目發行，也可以對應多個項目集合發行。財政部對地方政府債券發行期限進行必要的統籌協調。 |
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