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.

2026-04-27

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.