China is slowing approvals for offshore borrowing, with the NDRC taking four to
six months, and up to nine months in some cases, to clear bonds and loans, about
double prior timelines. The stricter process, requiring more detail on repayment
and proceeds, is creating uncertainty as roughly $100 billion of offshore bonds
mature this year. Some firms are turning to onshore loans, while refinancing
pressure is set to peak at $131 billion next year.