中国债券市场改革发展报告（2024年）（英）

SETFULLSAILAND FORGEAHEAD rheReformandDevelopmentofChina'sBondMarket2024 Contents Preface NAFMIIandItsRoleinChina'sInterbankMarket3 PartI:OverviewofChina'smacroeconomyandtheinterbankmarket 1.1China'smacroeconomiyandfinancialmarketconditions6 1.2China'sboominginterbankbondmarket PartI:Improvingtheoperationofthebondmarket 2.1Thereformontheregistrationregime14 2.2Informationdisclosure16 BOXI:FrequentIssuerProgram(FIP)17 2.3Bondofferingandpricing18 2.4Investorprotectiontoolkit20 2.5Bondtradingmechanism22 Part:Expandingbondproductofferings 3.1AbroadspectrumofbondproductsintheCIBM24 3.2Greenandlow-carbontransformationbondmarket26 3.3CIBMservingthesustainabledevelopmentgoals29 3.4DevelopmentandinnovationsoftheABSmarket31 PartIV:Providingdiversifiedriskhedginginstruments 4.1Financialderivativesmarketsandderivativesmasteragreements BoxII:Close-outnetting36 4.2Repomarketandrepomasteragreements37 4.3Bondlendingmarketandlendingmasteragreements37 BoxIlI:Riskhedgingofoverseasinstitutions38 PartV:Strengtheningself-regulation 5.1Routinesupervisionandinspections40 5.2Market-basedevaluationofintermediaries40 5.3Self-disciplinaryinvestigations40 5.4Self-disciplinarypenalties42 5.5Disputeresolutionplatform44 Partvi:Openingupofthebondmarket 6.1RMB-denominateddebtfinancingbyoverseasissuers46 BoxIV:Refiningthemechanismforpandabonds48 6.2Fullservicetooverseasinvestors50 6.3Afavorableenvironmentforoverseasintermediaries51 Chronicle54 AnnexI:IssuingbondsbyoverseasissuersinCIBM56 AnnexIl:InvestinginChina'sbondmarket59 HAFMllandisPokeinChira'sintotanikMariet NAFMIIandItsRoleinChina's InterbankMarket NAFMIIhasestablishedaself-regulation TheNationalAssociationofFinancial MarketInstitutionalInvestors(NAFMII)modelundertheprincipleofmarket- wasfoundedonSeptember3,2007,underorientedoperationandprofessionalism, theapprovaloftheStateCouncil.Itisaatthecoreofwhichistheregistration conductregistrationandregulateofferings self-regulatoryorganization(SRO)underregime.,NAFMII'smandatesareto(i) thesupervisionofthePeople'sBankof China'sinterbankbondmarket(CIBM),(ii) China(PBC).ItregulatesChina'sinterbankofdebtfinancinginstruments(DFls)on market,anOTCmarketconsistingof theinterbankbondmarket,interbankformulateself-regulatoryrules,(ii)promote lendingmarket,foreignexchangemarket,productinnovationandmarketopening, commercialpapermarket,goldmarketand(iv)supervisetradingactivitiesonthe thefinancialderivativesmarket.AsoftheCIBM,(v)releasestandarddocumentation endof2023,NAFMIIhad9,618membersinforderivativestrading,and(vi)conduct total,includingbanks,securitiescompanies,self-regulatoryinvestigationsandtake insurancecompanies,creditcooperatives,disciplinaryactions.Italsoaimsto assetmanagementcompanies,largestrengthenself-regulationofthemarket enterprisesandcertainotherinstitutions.andimproveservicestomarketparticipants throughinternationalcommunicationand training- PrinciplesofNAFMII Self-regulation Innovation Service PParatIrtI OverviewofChina’smacroeconomy OverviewofChina'smacroeconomy aanndthdeinttherbeankimnartkeetrbankmarket R-formandDaelocmentofChina'sBcndMarke:(2024 1.1China'smacroeconomiyand financialmarketconditions Chinaisthefastestgrowingmajoreconomy hascontributedmorethan20%totheglobal madeimportantcontributionstotheworld recentyears,China'seconomyhasshifted intheworldinthepasttwodecades,andhas economicgrowthoverthepastdecade.In economicgrowth.In2022,China'sgross high-speedgrowthtomedium-high-speed,and domesticproduct(GDP)registeredUSD18.0 theGDPgrowthratehasfallenfromaround economy,accountingfor17.9%oftheglobal epidemic. trillion,makingittheworld'ssecondlargest10%in2010toabout6%beforetheCovid-19 economy.AccordingtotheWorldBank,China 8.06.0 15%10% 4.0 2.0 %5 0.0 0% China'sGDP(USDtrillion,LHS)China'sGDPgrowthrate(RHS) 20.0 18.0 45% 40% 16.0 35% 14.0 30% 12.0 10.0 25% 20% China'scontributionofGDPtoglobaleconomy(USDtillion,RHS) China'scontributiontoglobaleconomicgrowth(currentratemethod,RHS) contributionrateofconsumptiontoChina's Figure1-1:China'sGDPGrowthandItsContributiontoGlobalEconomy Source:NationalBureauofStatisticsofChina,WorldBank Withasuperlargemarket,Chinahasthe potentialtosustainamedium-highgrowth inalongtime.First,China'seconomic economicgrowthexceeded80%.Second, thelargemiddle-incomegroupisastrong pastdecade.Beforethefinancialcrisisin China'shigh-qualityurbanizationhasformed rebalancinghasmadegreatprogressinthe supportformedium-andlong-termdemand. 2008,China'seconomicgrowthwasprimarilytheworld'slargestmiddle-incomegroupof drivenbyinvestmentandexports,In2023,themorethan400million,Sothereisstillroom Overiewofchinssmsocecozomyandmeintstankmatiel theindustrialcategorieslistedintheUnited BrazilandIndia,whichhelpstoimprovethe forurbanizationcomparedwithdeveloped countries*.Third,Chinahasalltheindustrial categories.Beingtheonlycountrythathasall AccordingtotheHumanCapitalIndex2 releasedbytheWorldBankin2020,China outperformstheemergingeconomiessuchas totalfactorpro