Fourth, we will facilitate cross-border financing for enterprises. In recent years, the People’s Bank of China (PBC) and the State Administration of Foreign Exchange (SAFE) have established and improved the macro-prudential management policy framework for full-scale cross-border financing, allowing enterprises to borrow from abroad at their own discretion within quotas based on their net assets.
Our domestic supervisory engagement cycle, approval procedures, and internal supervisory guidance, enshrined in PRISM, were effective from 2011 to October 2014; they have now been replaced by the prescriptions of the SSM Supervisory Manual, which are guided by a similar, if not more, tough, intrusive and sceptical ethos.