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China Tightens Approvals for Offshore Borrowings amid Large Maturity Wall
April 27, 2026
China’s National Development and Reform Commission (NDRC) has tightened oversight on overseas borrowing, doubling approval times for long-term debt quotas to between four and nine months. This regulatory slowdown comes as Chinese firms face a $100bn maturity wall in 2026, with an even larger $131bn due in 2027, as per Blooomberg. The NDRC is now demanding more granular details regarding use of proceeds and repayment plans, specifically targeting weaker enterprises and LGFVs to curb ballooning off-balance-sheet debt. To navigate these delays and avoid default, Chinese companies are said to be increasingly turning to alternative financing that bypasses NDRC jurisdiction: Short-term debt issuances of offshore bonds i.e., tenors under 1Y has hit a record $2.3bn YTD. Borrowers are also said to be leaning on domestic bank loans to manage immediate liquidity needs.
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