In early 2016, People’s Bank of China or PBOC introduced a pilot macro-prudential management system for overall cross-border financing applicable to 27 designated banks and all non-financial enterprises registered in four free trade zones in Shanghai, Tianjin, Guangzhou and Fujian. On April 29, PBOC issued the Circular on Implementing Macro-Prudential Management System for Overall Cross-Border Financing Nationwide to extend the pilot system to the whole country. This system has represented a fundamental reform to the long-existed “borrowing gap” foreign debt system before the pilot. (Full text in Chinese only)