CHINESE DEBT CAPITAL MARKETS

With the deepening of China's reform and opening up, and the sustained development of the Chinese economy, the Chinese bond market has become an important player in the global bond market. As at the end of 2022, the custodial balance of the Chinese bond market reached RMB14.48 trillion, ranking second in the world and the largest bond market in Asia. As a maturing emerging market in the world, the Chinese bond market not only follows the general rules of global bond markets, but also has some of its own characteristics. To make effective investments and financing in this market, a comprehensive and profound understanding of the market is required.

This book is the result of a joint research project 'Function, Structure, and Development of China's Debt Capital Market,' supported by the China National Natural Science Foundation and the Economic and Social Research Council of the United Kingdom. It includes contributions by professors, associate professors, and postgraduates from Fudan University and the London School of Economics. From the perspectives of institutional framework, market functions, market structure, and market development, the book provides a systematic and in-depth analysis and exploration of the macro-effects, microstructure, local government bond market, corporate bond market, debt derivatives market, and market supervision and regulation of the Chinese credit bond market. It is an important reference for international investors and researchers to gain a deep understanding of the evolution of the fundamental institutional framework, structure, and functions of the Chinese credit bond market.

Contents:

• The Macro-Effect of China's Credit Bond Market
• Microstructure of China's Credit Bond Market
• The Development of China's Local Government Bond Market
• Development of China's Corporate Bond Market
• Development of China's Debt Derivatives Market
• Supervision of China's Credit Bond Market
• Conclusions and Suggestions

Readership: This book serves as an important reference for institutions and individuals who invest in and conduct research the Chinese bond market, and graduate students and researchers specializing in bond market research.

Key Features:

• This book is a specialized study on the Chinese bond market. It comprehensively examines the macro effects, microstructures, local government bond market, corporate bond market, debt derivative market, and market regulation of China's credit bond market from institutional, functional, structural, and developmental perspectives
• Unlike other annual reports on the current state of the Chinese bond market, this book focuses more on exploring the evolution of the market, existing problems, and development direction from the functional, structural, and developmental angles of China's bond market
• The study employs a combination of historical analysis and logical analysis, qualitative analysis and quantitative analysis, traditional econometric analysis and modern AI analysis to deeply investigate the institutional, technological, macroeconomic, and microeconomic factors that constrain the development of China's bond market. It is an important reference book for international investors and researchers to gain an in-depth understanding of the evolution of the basic institutional, structural, and functional aspects of China's credit bond market