People's Bank of China and China Banking and Insurance Regulatory Commission, Circular on Matters Relevant to the Offering of Open-Ended Capital Bonds by Insurance Companies

Applicability: For the purposes of this Circular, the term "open-ended capital bond" means a capital supplementation bond offered by an insurance company that has no fixed term, contains a write-down or conversion clause, can absorb losses in both going concern and bankruptcy liquidation situations and satisfies regulatory requirements in respect of solvency (Article 1).