An overview of China's NDRC's review and registration regime to regulate medium and long-term foreign debts borrowed by corporate entities and financial institutions under NDRC Order 56.

The Note provides an overview of the regime under NDRC Order 56. It details the main legislation, key factors, review and registration criteria and procedures, continuing reporting obligations, and punishments for non-compliance by enterprises and intermediaries under the regime. The Note also discusses the issue of co-existence of the NDRC regime with the cross-border financing cap regime managed by the PBOC and SAFE.