129773160555000000_229Editor's Note: this year's Government work report on the need to "actively develop the bond market surges, at the same time, Chairman of the SFC, Mr Guo also said on many occasions that we must vigorously develop bond markets, significantly improve the bond financing in the proportion of direct financing for company class. This means that 2012 will be the Chinese bond market into the year of the start of the new round of development. In this regard, the industry believes, the needleOn China's bond market facing the market is small, issues such as debt, illiquid, needs to further improve on the bond market, bonds should be innovative, developing medium-to long-term debt financing products, development of institutional investors, bond market issuance in further, two market regulators also need to be consolidated, so that bond can develop into "fast lane"。 Debt research orgasm happen frequently in the industry predicted a new innovation, to spare no effort, the State may be introduced to encourage the bond market-building policy, various types of debt financing needs will be effectively fired a few days ago, focus on approving and forwarding the 2012 reform of the economic system of the State Council pointed out that, establishment of bond market supervision and coordination mechanisms and clear supervisory responsibilities, promoting bond claims in each otherPass.
Experts believe that in future debt financing needs will increase year by year, development of China's bond market drove into the fast lane. Practitioners say, 2012 will be the Chinese bond market into the year of the start of the new round of development. The "Twelve-Five" plan suggested that "developing financial markets, continued to encourage financial innovation, displays increase the proportion of direct financing. "The national financial workAlso proposed the construction of bonds, capital punishment and insurance markets, stressing that "construction specifications a unified bond market surge.
A series of financial reforms will provide new impetus for the development of the bond market. Regulators on innovation to spare no effort in the bond market, new product research and climax occur repeatedly, government bond futures, bond index funds, private debt, municipal debt, small and medium enterprises are expected to come out. Product innovationReset, bi-directional, rich structure, function expansion and other aspects of positive changes. Increases the capacity of China's bond market penetration in the market has a lot of room for development. As of March 14, the debt stock amounted to $ 21.88 trillion market. Bonds accounted for 29.54%, financial debt less than 34.12%, bills of 8.73% otherCorporate bonds, medium-term notes, and so on. Compared with developed countries, the proportion of direct financing of China's bond market is still a large gap. By the end of 2010, United States balance of corporate bond equivalent to bank loans 207%, Japan 43.29%, only 18.32%.
This description from the side, bond market space is very large. In recent years, China's bond market neededSeek gradual increase. On one hand, continue to implement a proactive fiscal policy and steady increase in demand for bonds. Years ago the central economic Working Conference on the work of the financial development focus on asking for more support for the real economy. The other hand, unabated for banking products in the market, interest rates also continued to advance, funds are still relatively tight credit market, financial and non-financial institutions may be moreTurn to the bond market. Bond market expansion, in addition to demand factors, policy context must not be underestimated.
Office of the Securities and Futures Commission established last year bonds, promote the interbank bond market integration of punishing the Exchange bond market. From regulators to promote, or market demand, expanding capacity in the bond market, increasing the enterprise's financing became inevitable choice. Industry estimates, the State mayBuilding policy introduced to encourage bond market, various types of debt financing needs will be effectively fired.
Investment and innovation a successful two-stage investments in the bond markets need to be rich enough. Credit bond market has experienced rapid development in China, offering variety has reached a considerable degree of the scale. 2011 subject to indirect effects due to poor financing, directly intoChinese demand, including short-term financing bonds, credit debt, corporate bonds
tera power leveling, and corporate bonds issuing scale blowout, up to $ 2.25 trillion for the year. China's securities Chu Foundation in 2012 will be the year of expansion of product, the supply of private debt, corporate bonds, SME will be greatly increased, at the same time, agency bonds, local bonds, Treasury bonds futures exploration is also in progress.Recently, China launched the "Chinese junk" discussed a lot. It is understood that the Chinese version of the high-yield debt issuers to listed companies on the gem, next into non-listed company, mainly to small and medium enterprises. Before 2010, the number of State-owned enterprises in China's bond market issuers about 90%, in 2011, due to the small and medium enterprises collectionNote issuance, the ratio dropped to 76%, private enterprise than a surge. This is embodiment of management support for private enterprise, on the other hand, is offering a wide range of needs. Intends to push high-yield debt to private enterprises, private collection, and is listed on the exchange market
buy swtor, direct to individual investors, to participants of the windRisk control is a major challenge.
However, due to the bond market for lack of investments, investment on new varieties is always full of enthusiasm, therefore, demand for products with high yield bond is objective. SFC Chairman Mr Guo said two public speeches at the end of last year to encourage the development of high-yield debt, as one of the fixed income financial product innovation, the "China-Junk "launch contribute to the richness and perfection of China's bond market trades, bond investors established the risk awareness and inspection related to intermediary services, promoting the development of bond markets mature and. Bond market consolidated speed according to sources close to the regulators, ministries reached a debt in the framework of a unified market of four breakthroughs, is encouraging the two majorIssuance and trading, except for a product, innovation, second is organizations are free to trading in both markets, third, trades can be chosen in two exchanges, four unified registration, settlement and other background services. Policy results in the future, will be recognized in the framework of unified bond market banks and exchanges between the two markets are the front can be up for different trades,Registration, custody and settlement of all but the background is uniform, investors with a account, you can at the same time the sale of two bonds in the market.
Market framework has made a breakthrough in the bond market consolidated, coordinating work to relevant ministries have started, unified is accelerating the pace of the bonds. Over the years, China bond market regulatory structure is the play called "Wu-long water". From bond issueAnd supervision, supervision of the Ministry of Finance responsible for Treasury bonds and municipal bonds; people of short-term financing bonds, medium-term notes, as well as central bank supervision; the SFC is responsible for bond issuance of listed company supervision; the national development and Reform Commission, the regulation and approval of corporate bonds in non-listed companies; investment plan of China insurance regulatory Commission is responsible for the insurance company claims. Domestic bond issue has been raised over the years, market as early as there is consensus. EarlyIn 2009, the State Council put forward "gradually establish a unified bond market regulatory rules and standards", and clearly required by the Securities and Futures Commission and the national development and Reform Commission, Ministry of finance, the people's Bank. Head of the China Securities Regulatory Commission, said since the 1981 recovery since the issuance of Treasury bills, China has been issuing bonds of the par value of the stock at about $ 20 trillion yuan. At present, the bond marketThere is still great potential demand, advancing the bond market system of rules and harmonization of regulatory review is very urgent. The official also said that "since the beginning of 2008 international financial crisis, is the exploration of the fixed income market. Therefore, Chinese bond market needed a unified access conditions, standards of information disclosure of appropriate systems, credit requirements, investors
diablo 3 power leveling, investmentFunding matters such as protection, so as to reduce the segmentation of the market, enhanced unified interconnected. "Emerged, led by members of the Department of China Securities Regulatory Commission issued regulation, national development and Reform Commission communication, discussions, especially corporate debt and corporate debt issues, regulatory harmonization.
This suggests that unified coordination on bond markets, has entered the stage of real contact between relevant ministries. NearPeriod, the Central Bank, national development and Reform Commission, the SFC, the China Banking Regulatory Commission and other departments in the memorandum points out that in "the current Exchange bonds and interbank bond market in China is divided, is to issue the regulatory inconsistencies; the second is the separation of trading platform; three is a background service isolation. The constraints on the system efficiency and scale of the development of China's bond market. "1234 next page (securities journal)Online statement Gold: gold online reprint of the above content, does not indicate that confirm the description, for investors ' reference only and does not constitute investment advice. Investor operations accordingly, at your own risk.
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