On 14 March 2024, the National Development and Reform Commission("NDRC") of the People's Republic of China ("PRC") issued theCircular on Supporting Quality Enterprises to Borrow Medium-and Long-term Foreign Debts to Promote Quality Development of the Real Economy (Draft for Comments)(the "Draft Circular")(《国家发展改革委关于支持优质企业借用中长期外债 促进实体经济高质量发展的通知（征求意见稿）》) to solicit public opinion from 14 March 2024 to 13 April 2024. According to NDRC, the Circular is aimed to expand China's high-level opening-up and facilitate the cross-border financing by quality enterprises that satisfy the eligibility requirements under the Draft Circular (as further discussed below) ("Quality Enterprises") in order to support the development of real economy.