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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)

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