此次监管力度加大之际，正值中国企业面临巨大的境外债务偿还压力，今年剩余时间内将有约710亿美元的离岸债券到期，而明年到期高峰更将超过1300亿美元，其中地方融资平台未偿还的离岸债券总额达1170亿美元。
为了应对债务风险，部分地方融资单位的境外发债额度已被削减10%至20%，一些国有企业甚至被迫转向成本更高的短期银行贷款以填补资金缺口，与此同时，中国央行等监管机构也在境内信用市场加强对评级标准的管控。
The National Development and Reform Commission of China has recently instructed select bankers to avoid underwriting offshore yuan notes yielding over 4% and dollar securities yielding over 5%, aiming to curb financing costs and debt risks among municipal borrowers like local government financing vehicles (LGFVs).
This regulatory tightening comes as Chinese firms face significant offshore debt repayment pressures, with approximately $71 billion in offshore bonds maturing during the remainder of this year and a peak of over $130 billion next year, including $117 billion outstanding from LGFVs alone. (Key numbers: 710, 1300, 1170)
To manage these debt risks, some local financing units have seen their offshore bond issuance quotas cut by 10% to 20%, forcing some state-owned enterprises to use more expensive short-term bank loans, while domestic regulators like the central bank are also tightening credit rating standards in the onshore market.