China's Local Government Bond Market

China's Local Government Bond Market PDF

Author: W. Raphael Lam

Publisher: International Monetary Fund

Published: 2018-09-28

Total Pages: 20

ISBN-13: 1484378415

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Local governments play a significant role in China’s public finance and fiscal operations. The size of local government debt has grown rapidly over the past years, exceeding the stock of sovereign debt in China. How does this development compare to other countries and what policies can foster the sound development of the bond markets? This paper finds that despite its rapid growth, the local government bond market is still underdeveloped. Severe impediments—low liquidity, weak credit discipline, structural fiscal deficit in local governments—have become more visible. Reforms to develop a sound local government bond market should harmonize tax and regulations, build liquidity, and advance fiscal reforms to tighten off-budget borrowing and address intergovernmental imbalances.

The Future of China's Bond Market

The Future of China's Bond Market PDF

Author: Mr. Alfred Schipke

Publisher: International Monetary Fund

Published: 2019-03-13

Total Pages: 52

ISBN-13: 151358278X

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China’s bond market is destined to play an increasingly important role, both at home and abroad. And the inclusion of the country’s bonds in global indexes will be a milestone for its financial market integration, bringing big opportunities as well as challenges for policymakers and investors alike. This calls for a good understanding of China’s bond market structure, its unique characteristics, and areas where reforms are needed. This volume comprehensively analyzes the different segments of China’s bond market, from sovereign, policy bank, and credit bonds, to the rapidly growing local government bond market. It also covers bond futures, green bonds, and asset-backed securities, as well as China’s offshore market, which has played a major role in onshore market development.

The Future of China's Bond Market

The Future of China's Bond Market PDF

Author: Mr.Alfred Schipke

Publisher: International Monetary Fund

Published: 2019-03-13

Total Pages: 440

ISBN-13: 148437214X

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China’s bond market is destined to play an increasingly important role, both at home and abroad. And the inclusion of the country’s bonds in global indexes will be a milestone for its financial market integration, bringing big opportunities as well as challenges for policymakers and investors alike. This calls for a good understanding of China’s bond market structure, its unique characteristics, and areas where reforms are needed. This volume comprehensively analyzes the different segments of China’s bond market, from sovereign, policy bank, and credit bonds, to the rapidly growing local government bond market. It also covers bond futures, green bonds, and asset-backed securities, as well as China’s offshore market, which has played a major role in onshore market development.

Chinese Debt Capital Markets: An Emerging Global Market With Chinese Characteristics

Chinese Debt Capital Markets: An Emerging Global Market With Chinese Characteristics PDF

Author: Xuebin Chen

Publisher: World Scientific

Published: 2024-01-23

Total Pages: 778

ISBN-13: 9811280371

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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.

The Future of China's Bond Market: Excerpt

The Future of China's Bond Market: Excerpt PDF

Author: Alfred Schipke

Publisher: International Monetary Fund

Published: 2021-07-14

Total Pages: 50

ISBN-13: 1513584928

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China's bond market is destined to play an increasingly important role, both at home and abroad. And the inclusion of the country's bonds in global indexes will be a milestone for its financial market integration, bringing big opportunities as well as challenges for policymakers and investors alike. This calls for a good understanding of China's bond market structure, its unique characteristics, and areas where reforms are needed. This volume comprehensively analyzes the different segments of China's bond market, from sovereign, policy bank, and credit bonds, to the rapidly growing local government bond market. It also covers bond futures, green bonds, and asset-backed securities, as well as China's offshore market, which has played a major role in onshore market development.

The Bond Market in Hong Kong, China

The Bond Market in Hong Kong, China PDF

Author: Asian Development Bank

Publisher: Asian Development Bank

Published: 2020-09-01

Total Pages: 45

ISBN-13: 9292623788

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This report provides updates on the bond market in Hong Kong, China since the publication of the ASEAN+3 Bond Market Guide 2016: Hong Kong, China. It also highlights those changes and developments that have a connection to the bond market of the People’s Republic of China. The ASEAN+3 Bond Market Guide series provides member-specific information on the investment climate, rules, laws, opportunities, and characteristics of local bond markets in Asia and the Pacific. It aims to help bond market issuers, investors, and financial intermediaries understand the local context and to encourage greater participation in the region’s rapidly developing bond markets.

Local Government Financing Platforms in China

Local Government Financing Platforms in China PDF

Author: Yinqiu Lu

Publisher: International Monetary Fund

Published: 2013-12-16

Total Pages: 30

ISBN-13: 1475536933

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China’s rapid credit expansion in 2009–10 brought local government financing platforms (LGFPs) into the spotlight. This paper discusses their function, reasons behind their recent expansion, and risks they are posing to the financial sector, local governments, and sovereign balance sheet. This paper argues that LGFPs were a fortune for China in the past, but would turn out to be a misfortune if the causes of the rapid expansion of LGFPs are not addressed promptly. In this context, the paper proposes ways to avoid misfortune by: acknowledging and addressing the revenue and expenditure mismatches at the local government level; establishing a comprehensive framework to regulate and supervise local government budgets; ensuring the sustainability of the financial resources obtained from the sale of land use rights; and developing local government bond markets and promoting financial reforms.

Debt Capital Markets in China

Debt Capital Markets in China PDF

Author: Jian Gao

Publisher: John Wiley & Sons

Published: 2011-08-31

Total Pages: 542

ISBN-13: 1118161076

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An in-depth look at China’s burgeoning capital markets Author Jian Gao is the number one authority on fixed income markets in China, and with this book, he brings his considerable experience and knowledge about these markets to investors worldwide. For those interested in becoming active in China’s growing fixed income markets, Debt Capital Markets in China is the book you need to get started. It includes coverage of the primary and secondary markets, government debt instruments, corporate bonds, the collateralized bond market, and asset-backed securitizations. Debt Capital Markets in China also examines the developing market trends, which affect investors and institutions looking to make the most of this incredible financial opportunity. Dr. Jian Gao, PhD (Beijing, China) is the Vice Governor of China Development Bank (CDB).

The Inter-Bank Bond Market in the People’s Republic of China

The Inter-Bank Bond Market in the People’s Republic of China PDF

Author: Asian Development Bank

Publisher: Asian Development Bank

Published: 2020-08-01

Total Pages: 347

ISBN-13: 9292623427

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The ASEAN+3 Bond Market Guide series provides country-specific information on the investment climate, rules, laws, opportunities, and characteristics of local bond markets in Asia and the Pacific. It aims to help bond market issuers, investors, and financial intermediaries understand the local context and encourage greater participation in the region’s rapidly developing bond markets. This edition focuses on the Inter-Bank Bond Market in the People’s Republic of China, which is one of the country’s most important bond markets and one of only two that are accessible to foreign investment.

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