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   Circular 2044  Administrative Measures
Positive List

Proceeds under foreign debts shall be used for the following:

• supporting the "One Belt, One Road" initiative;
• supporting coordinated regional development of Beijing, Tianjin and Hebei;
• supporting the Yangtze River Economic Belt initiative; and
• supporting international cooperation of production capacity and equipment manufacturing and other major construction projects and key areas of investment.

(Article 6 of Circular 2044).

• focusing on essential business operations; and
• supporting implementation of national strategies and development of the real economy.

(Q47, NDRC Q&A Guidance).

 Proceeds under foreign debts shall be used for the following:

• focusing on essential business operations; and
• supporting implementation of national strategies and the development of the real economy.

(Article 7 of the Administrative Measures)
Negative List Use of proceeds under foreign debts shall not:

• violate any PRC laws and regulations;
• threaten or be detrimental to the national interests and economic security of the PRC;
• contravene the goal of the PRC's macroeconomic regulation and control;
• contravene the PRC's development and industrial policies; or
• be used for restoring losses and non-productive expenses or (except for banking/financial institutions) be lent to others.

(Q47, NDRC Q&A Guidance).
 Use of proceeds under foreign debts shall not:

• violate any PRC laws and regulations;
• threaten or be detrimental to the national interests, economic, information and data security of the PRC;
• contravene the goal of the PRC's macroeconomic regulation and control;
• contravene the PRC's development and industrial policies;
• increase local government's hidden debts; or
• be used for speculative purposes or (except for banking/financial institutions) be lent to others (other than any circumstance which has been stated in the application materials and approved).

(Article 8 of the Administrative Measures)