中国债券市场改革发展报告（2025年）

Contents Preface NAFMII and Its Role in China's Interbank Market Part I Overview of China's macroeconomic, financial conditionsand the interbank market 1.1 China's macroeconomics and financial market conditions1.2 China's booming interbank bond market69 Part II Framework of Market Operation 2.1 The registration regime reform with market orientation2.2 Information disclosure system2.3 Bond offering and pricing mechanismBox I. Optimize the bond issuance mechanism and strengthen issuance pricing2.4 Investor protection toolkit2.5 Trading mechanism161820222426 Part III Bond products offerings 3.1 A broad spectrum of bond products in the CIBM3.2 CIBM supporting green development and low-carbon transformation3.3 CIBM serving the sustainable development goals3.4 CIBM Supports Technology FinanceBox II: Hybrid sci-tech innovation notes3.5 CIBM ABS promotes inclusive financeBox III: Covered bonds (CB) for private enterprise30313538394041 Part IV Diversified risk hedging instruments 4.1 Financial derivatives markets and derivatives master agreementsBox Ⅳ : Swap Connect Cleared Derivatives Agreement (2024 Version)4.2 Repo market and repo master agreements4.3 Bond lending market and lending master agreementsBox V: Foreign institutions' Risk hedging in the interbank market4446484950 Part V Self-regulation 5.1 Routine supervision and inspections5.2 Market-based evaluation of intermediaries5.3 Self-disciplinary investigations5.4 Self-disciplinary penalties5.5 Dispute resolution platform5253555659 Part VI Further opening up the bond market 6.1 Panda bond market: a financing channel of overseas issuersBox VI: Refining the mechanism for information disclosure, pricing andallocation of panda bonds6.2 Providing full service to overseas investors6.3 Fostering a favorable environment for overseas intermediaries62646769 Chronicle Annex Ⅰ : Issuing bonds by overseas issuers in CIBMAnnex II: Investing in China's bond marketAnnex III: Documentation on standard derivativecontracts issued by NAFMII768082 NAFMII and Its Role in China'sInterbank Market The National Association of Financial MarketInstitutional Investors (NAFMII) is a self-regulatory organization (SRO) of China'sinterbank market, an OTC market consisting ofthe interbank bond market, interbank lendingmarket, foreign exchange market, bill market,gold market and the financial derivativesmarket. NAFMII was founded on September 3,2007, under the approval of the State Council.It is composed of market participants,intermediaries, practitioners and expertsin related fields voluntarily. It regulates themarket under the supervision of the People'sBank of China (PBC). As of the end of 2024,NAFMII had 9,900 members in total, includingbanks, securities companies, insuranceco m pa n i e s , c r e d i t co o p e rat i v e s , f u n dmanagement companies, trust companies,finance companies, large enterprises andother institutions. NAFMII conducts self-regulation on China'si n t e r b a n k m a r ke t i n a cco r d a n ce w i t hthe principles of market-orientation andprofessionalism. NAFMII's mandates are to (i)formulate and oversee the implementationof self-regulator y rules, standards andprofessional ethics; (ii) serve the members byproviding professional training, continuinge d u cat i o n a n d d i s p u te s m e d i at i o n , tosafeguard members' legitimate rights andinterests; (iii) drive product and institutionalinnovation tailored to the characteristicsof the market, refine the registration andissuance mechanisms and procedures; (iv)foster international exchanges to promotethe market opening up. NAFMII continues tostrengthen self-regulation in the interbankmarket, enhance its capacity to support thedevelopment of the real economy, and drivethe sustained and healthy growth of theinterbank market. Principles of NAFMII Part I Overview of China'smacroeconomic, financialconditions and theinterbank market 1.1 China's macroeconomics andfinancial market conditions China is the fastest growing major economy in the world in the past two decades, and has madeimportant contributions to the world economic growth. In 2023, China's gross domestic product(GDP) registered USD17.8 trillion, making it the world's second largest economy, accounting for16.8% of the global economy. According to the World Bank, China has contributed more than 20%to the global economic growth over the past decade. In recent years, China's economy has shiftedhigh-speed growth to medium-high-speed, and the GDP growth rate has fallen from around 10% in2010 to about 5%. rebalancing has made great progress in thepast decade. Before the financial crisis in 2008,China's economic growth was primarily driven With a super large market，China has thepotential to sustain a medium-high growthin a long time.First, China's economic by investment and exports. In 2023, Finalconsumption expenditure contributes morethan 40% to China's economic growth, andconsumption has become the biggest drivingforce for ec