Development and Reform Commission issued a document clearly will issue an audit of three cases of corporate bonds classified management, including the scope and supported by the state to issue bonds with good credit will be included in the application to speed up and simplify audits, solar photovoltaic and wind power applications as structural adjustment projects will be listed into key support. 

April 19, the National Development and Reform Commission issued "on the further improvement of corporate bonds issued audit work notice" (the "Notice"), corporate bond issuance will apply, according to "speed up and simplify the audit class", "strict audit class" and "control the scale and pace appropriate class" three cases classified management. 

Many bond market corporate debt issuance veteran, said: "This is the first release of the audit standard NDRC corporate bonds, before all the internal control and evaluation, most of the content is grasped by the NDRC previously standard clearly written." 

Under the "notice" to speed up and simplify the audit classes are divided into two categories, one belonging to the current application to issue bonds supported by the state-wide, the second is a higher credit rating, debt service and more comprehensive measures included the construction of a pilot credit issued Debt applications. 

The first category includes: construction of major national construction projects, the focus of the relationship between global restructuring or related projects promoting coordinated regional development, energy conservation and integrated management class environmental projects, public rental, low-cost housing in shantytowns, affordable housing and limit commercial housing and other affordable housing projects, small and micro enterprises and SMEs to increase trust and debt collection debt collection. 

Where major national construction projects in progress, including national approvals or major national railway, transport, communications, energy, raw materials and water projects approved. Supports power grids, clean coal power generation, smart grid development, strengthen energy channels, and promote North coal south, west-east coal, natural gas, oil and gas pipeline network backbone, liquefied natural gas storage facilities and electric power reception and support to promote the country's rapid rail network, intercity rail network, the remaining sections of the national highway, road and inland waterway bottlenecks construction projects. 

Structural adjustment projects include major technology and equipment independent projects, large aircraft project and key aerospace engineering, aircraft leasing industry support project revenue bonds issued by the pilot, the aircraft and lease income to purchase foreign exchange to buy closed debt. Network infrastructure, high-end equipment manufacturing, energy-saving and environmental protection, biology, new energy vehicles, new materials, new energy, water utilization, logistics and other industries are also within the scope of support. 

Solar photovoltaic and wind power project will be focused on application support. 

Environmental protection projects, the legacy of heavy metal pollution and no main tailings comprehensive risk management, desertification, desertification, soil erosion, grassland ecological protection and construction, Beijing and Tianjin sandstorm source, Taihu Lake, the Three Gorges reservoir area, Danjiangkou Reservoir other key stream (sea) water pollution control field, Beijing, Tianjin, the Yangtze River Delta, Pearl River Delta and other regions PM2.5 project monitoring and air pollution control, coal city clean energy transformation projects within the supported range. 

Focusing on objectives and tasks included construction of affordable housing projects, urban infrastructure construction projects. Supports storage, transportation and trading agricultural commodities and other circulation items fresh agricultural products.

The second largest category of projects to speed up and simplify the audit included: body or bond credit rating of AAA-rated bonds; guarantees AA + rating above the main guarantee unconditional and irrevocable guarantee provided by bonds; using a valid asset collateral or guarantees and debt levels AA + more bonds; asset-liability ratio below 30% and the main credit rating of AA + over unsecured notes; by a key recommendation of securities firms, rating agencies and other intermediate institutions to provide distribution services and the main credit rating of AA (or more) of the bonds; issue local government area of the city belongs to vote; bonds agreed to be included in the total size of local government debt credit monitoring platform for the construction of pilot cities issued by the Company; person legal representative, relevant management personnel agreed to disclose personal credit history and credit undertaking signed by the entire credit history Bonds The first company to apply only to the issue of corporate bonds and asset-liability ratio of the issuer less than 50%. 

Strictly audit the class is divided into two categories, one is to issue bonds to raise funds for the application of overcapacity, high pollution, high energy consumption and other countries to limit the field of industrial policy, and the other is the existence of a lower corporate credit registration, the debt ratio High bond issuance applications such as the balance of the larger problem. 

In addition to speed and simplify the bond audit classes, two types of conditions and strict audit classes, others are appropriately control the size and pace of the class, according to grasp the appropriate macroeconomic policies and the development of the bond market. 

National Development and Reform Commission will from time to time to update the above categories range adjustment, development and reform department promptly notify the country.