AsianFin--China is set to support prominent, creditworthy companies that promote high-quality development within the real economy by allowing them to borrow medium to long-term foreign debt.

The National Development and Reform Commission (NDRC) announced this initiative Tuesday as part of the country's strategy to further open up and enhance cross-border financing facilitation.

According to a circular released by the NDRC, companies must meet several criteria to qualify, including compliance with national policies. Their business operations must align with national macroeconomic controls and industrial policies.

Besides, over the past year, the company's revenue must rank within the top five in its industry, with debt-to-asset ratio and other financial metrics outperforming the industry average. The companies must possess an international credit rating of investment grade (BBB or above) or a domestic credit rating of AAA.