中国债券市场改革发展报告（2024年）

rheReformandDevelopmentofChina'sBondMarket2024 Contents Preface NAFMII and Its Role in China's Interbank Market Part I: Overview of China's macroeconomy and theinterbank market 1.1 China's macroeconomiy and financial market conditions61.2 China's booming interbank bond market Part I: Improving the operation of the bond market 2.1 The reform on the registration regime142.2 Information disclosure16BOX I: Frequent Issuer Program (FIP)172.3 Bond offering and pricing182.4 Investor protection toolkit202.5 Bond trading mechanism22 Part : Expanding bond product offerings 3.1 A broad spectrum of bond products in the CIBM243.2 Green and low-carbon transformation bond market263.3 CIBM serving the sustainable development goals293.4 Development and innovations of the ABS market31 Part IV: Providing diversified risk hedging instruments 4.1 Financial derivatives markets and derivatives master agreementsBox II: Close-out netting364.2 Repo market and repo master agreements374.3 Bond lending market and lending master agreements37Box IlI: Risk hedging of overseas institutions38 Part V: Strengthening self-regulation 5.1 Routine supervision and inspections405.2 Market-based evaluation of intermediaries405.3 Self-disciplinary investigations405.4 Self-disciplinary penalties425.5 Dispute resolution platform44 Partvi:Openingup ofthebondmarket 6.1 RMB-denominated debt financing by overseas issuers46Box IV : Refining the mechanism for panda bonds486.2 Full service to overseas investors506.3 A favorable environment for overseas intermediaries51 54 Chronicle Annex I : Issuing bonds by overseas issuers in CIBM56Annex Il: Investing in China's bond market59 NAFMIIandIts Role in China'sInterbankMarket The National Association of FinancialMarket Institutional Investors (NAFMII)was founded on September 3,2007, underthe approval of the State Council. It is aself-regulatory organization (SRO) underthe supervision of the People's Bank ofChina (PBC) . It regulates China's interbankmarket, an OTC market consisting ofthe interbank bond market, interbanklending market, foreign exchange market,commercial paper market, gold market andthe financial derivatives market. As of theend of 2023, NAFMII had 9,618 members intotal, including banks, securities companies,insurance companies, credit cooperatives,asset management companies, largeenterprises and certain other institutions. NAFMII has established a self-regulationmodel under the principle of market-oriented operation and professionalism,at the core of which is the registrationregime., NAFMII's mandates are to (i)conduct registration and regulate offeringsof debt financing instruments (DFls) onChina's interbank bond market (CIBM), (ii)formulate self-regulatory rules, (ii) promoteproduct innovation and market opening,(iv) supervise trading activities on theCIBM, (v) release standard documentationfor derivatives trading, and (vi) conductself-regulatory investigations and takedisciplinary actions. It also aims tostrengthen self-regulation of the marketand improve services to market participantsthrough international communication andtraining- Part IPart I Overview of China’s macroeconomyand the interbank marketOverview of China's macroeconomyand the interbankmarket 1.1China'smacroeconomiyandfinancialmarketconditions has contributed more than 20% to the globaleconomic growth over the past decade. Inrecent years, China's economy has shiftedhigh-speed growth to medium-high-speed, andthe GDP growth rate has fallen from around10% in 2010 to about 6% before the Covid-19epidemic. China is the fastest growing major economyin the world in the past two decades, and hasmade important contributions to the worldeconomic growth. In 2022, China's grossdomestic product (GDP) registered USD18.0trillion, making it the world's second largesteconomy, accounting for 17.9% of the globaleconomy. According to the World Bank, China contribution rate of consumption to China'seconomic growth exceeded 80%. Second,the large middle-income group is a strongsupport for medium- and long-term demand.China's high-quality urbanization has formedthe world's largest middle-income group ofmore than 400 million, So there is still room With a super large market, China has thepotential to sustain a medium-high growthin a long time. First, China's economicrebalancing has made great progress in thepast decade. Before the financial crisis in2008, China's economic growth was primarilydriven by investment and exports, In 2023, the According to the Human Capital Index2released by the World Bank in 2020, Chinaoutperforms the emerging economies such asBrazil and India, which helps to improve thetotal factor productivity. Fifth, China's exportstructure is becoming more diversified. Underan increasingly complicated internationalenvironment, China's export is more resilient,with a more balanced structure and diversifiedregions?. for urbanization compared with developedcountries*.Third, China has all the industrialcategories. B