By WILL KENTON

Reviewed by JEFREDA R. BROWN

Fact checked by KATRINA MUNICHIELLO

编写人：WILL KENTON

审核人：JEFREDA R. BROWN

事实核查人：KATRINA MUNICHIELLO

What Is an Entrusted Loan?

什么是委托贷款

An entrusted loan is a lending arrangement organized by an agent bank between borrowers and lenders. In an entrusted loan, the agent bank is considered the trustee, and the company providing the funds is considered the trustor. The trustee is responsible for the collection of principal and any interest, for which it charges a handling fee, but it is not supposed to assume any of the loan risks.

委托贷款是代理银行在借款人与贷款人之间组织的借贷安排，其中，代理银行被视为受托人，提供资金的公司被视为委托人。受托人负责代替委托人收取本金和利息，其自身仅收取委托贷款的服务手续费，不承担委托贷款的风险。

KEY TAKEAWAYS

关键要点

·In an entrusted loan arrangement, the loan is organized between the borrower and the lender by an agent bank.

在委托贷款安排中，代理银行在借款人与贷款人之间组织贷款事宜。

·The agent bank takes on the duties of trustee—responsible for collecting the loan principal and interest—but does not take on any of the loan risks.

代理银行承担受托人的义务，负责收取贷款本金和利息，但不承担任何贷款风险。

·Entrusted loans are common in China, where they offer companies with idle cash the opportunity to earn interest income by allowing the agent bank to loan out the funds.

委托贷款业务就是，公司通过代理银行将闲置资金借出，从而赚取利息收入，在中国比较常见。

·In 2018, Chinese officials clamped down on entrusted loans after recognizing risks caused by the loans' lack of transparency and regulation.

认识到委托贷款因缺乏透明度和监管而存在风险后，中国政府于2018年对委托贷款业务制定了更加严格的规定。

·Entrusted loans must now meet requirements aimed at strengthening supervision and risk management, increasing disclosures, and controlling leverage.

现在，委托贷款业务必须遵守相关要求，加强监管和风险管理，增加信息披露，控制杠杆。

How Entrusted Loans Work

了解委托贷款

Entrusted loans have been most commonly issued in the People's Republic of China, which restricts direct borrowing and lending between commercial enterprises. The loans offer companies with idle cash the chance to earn some interest income on their money by allowing the agent bank to lend out those funds. The companies retain the right to decide whom the agent bank can lend the funds to.

在中国，商业企业之间直接借贷受到限制，委托贷款最为常见，即公司通过代理银行将闲置资金借出，从而赚取利息收入，同时公司保留决定贷款对象的权利。

Fast Fact: The People’s Bank of China, the nation’s central bank, started to allow entrusted loans in 2000.

信息速查：中国人民银行，即中国的中央银行，于2000年起允许办理委托贷款业务。

Special Considerations

特殊注意事项

The introduction of entrusted loans made it possible for companies operating in China, including those owned by the state, to improve their liquidity. However, entrusted loans were not as transparent as loans made in other developed countries. For example, entrusted loans were not included in the balance sheets of the agent banks because the banks, in theory at least, did not assume any of the credit risks.

中国引入委托贷款，提高了在中国经营的企业（包括国有企业）流动性。但是，此时委托贷款的透明度不及发达国家。比如，至少在理论上来说，代理银行不承担任何信贷风险，所以委托贷款不会在代理银行的资产负债表列示。

However, the exclusion of these loans from their balance sheets can hide the risks faced by the agent banks if the borrowers are unable to repay. This lack of transparency also made it more difficult to judge whether the country's economy was overheated or overleveraged, as well as whether the quality of companies obtaining credit through these arrangements was holding steady or declining.

可是，一旦借款人无法偿还贷款，代理银行可以因委托贷款未在代理银行的资产负债表列示而掩盖风险。由于缺乏透明度，更难判断国家经济是过热或高杠杆，以及通过委托贷款获得信贷的企业质量是处于稳定或下降趋势。

Requirements for Entrusted Loans

委托贷款要求

As a result of all these concerns, the Chinese government clamped down on the loans and the banks that made them possible in early 2018. While the Chinese government acknowledged that the entrusted loan business had grown fast and had played a positive role in the economy, the lack of regulations meant there were hidden risks. These risks compelled Chinese regulators to implement measures to control leverage, along with putting greater scrutiny on shadow banking and lending practices.

基于这些问题，中国政府于2018年初对委托贷款业务和办理相关贷款的银行制定了更加严格的规定。中国政府承认委托贷款业务发展迅速，对经济发展起到了积极作用，但是，缺乏监管就会埋下隐患。这些风险迫使中国监管机构采取措施控制杠杆，对影子银行和借贷业务实施更严格的审查。

The rules, issued by the China Banking and Insurance Regulatory Commission (CBIRC), stated that commercial banks must not provide guarantees or get involved in decision-making for these loans. Additionally, entrusted loans cannot be used for investments in bonds, derivatives, asset management, or equities. Banks are not permitted to put their own money—or any funds that they manage—into entrusted loans.

中国银行保险监督管理委员会（“中国银保监会”）发布的管理办法规定，商业银行不得为委托贷款提供各种形式的担保，不得参与委托人的贷款决策。此外，委托贷款不得从事债券、金融衍生品、资产管理产品等投资，不得用于股本权益性投资。商业银行不得将自己的资金或其管理的任何资金投入委托贷款。

Under the tightened rules, the CBIRC strengthened the supervision and risk management required for entrusted loans. Additionally, commercial banks are required to issue disclosures on the source and intended use of the funds. The rules prohibit the use of funds for investment in government-banned sectors. In order to control risk, banks must also create strict separations between their own business activities and their entrusted loan business.

在上述管理办法的约束下，中国银保监会加强了对委托贷款的监管和风险管理。此外，商业银行还必须披露资金来源和用途。该等管理办法规定，资金不得用于投资政府禁止的领域。为了控制风险，商业银行还必须严格隔离委托贷款业务与自营业务的风险。

Example of Entrusted Loan

委托贷款示例

With an estimated market capitalization of approximately $242.3 billion, the Industrial & Commercial Bank of China (ICBC) is one of the four biggest banks in China. The ICBC's corporate banking segment offers trade financing, corporate loans, and various intermediary services to government agencies, large corporations, and other financial institutions.

中国工商银行（“工行”）的预计市值约为2423亿美元，是中国四大银行之一。工行的企业银行业务为政府机构、大型企业和其他金融机构提供贸易融资、企业贷款和各种中介服务。

One of the intermediary services the ICBC offers is to act as an agent of entrusted funds in the entrusted loan process. As a trustee, the ICBC does not advance the loan principal or interest, nor does it recommend the borrower or guarantor. According to its website, it does not offer guarantees for the loan and it does not, directly or indirectly, take any loan risk in any form.

工行提供的中介服务之一是在委托贷款过程中充当委托资金代理人。作为受托人，工行不垫付贷款本金或利息，也不推荐借款人或担保人。据其网站称，其不为贷款提供担保，也不直接或间接承担任何形式的贷款风险。

However, the bank does provide several financial intermediary services, such as:

但是，工行提供多种金融中介服务，包括：

·Monitoring the use of the loan

监督贷款的使用情况

·Monitoring the performance of the borrowers and guarantees

监督借款人和担保人的表现

·Collection of loan repayment and interest on behalf of the principal

代委托人收取贷款还款和利息

·Assistance in the safekeeping of the mortgage, pledge, and title documents

协助保管抵押、质押和产权文件