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Bond market size exceeds 95 trillion yuan to attract foreign investors to "buy, buy, buy"

来源: 证券日报 2019-12-26 08: 39: 08Source: Securities Daily

"At present, the size of China's bond market exceeds 95 trillion yuan, ranking second in the world. It has become an important channel for increasing the proportion of direct financing and optimizing the allocation of financial assets." On December 24, the National Court Symposium on Hearing Bond Disputes was held in Beijing. At the meeting, Yi Huiman, Secretary of the Party Committee and Chairman of the China Securities Regulatory Commission, said at the meeting.

Yi Huiman said that the stable operation of the bond market is related to the overall stability of the financial system. Under the unified command and coordination of the Financial Committee of the State Council, the CSRC has actively strengthened the coordination of supervision with the People's Bank of China and the Development and Reform Commission, uniformly enforced illegal activities in the bond market, and jointly maintained the bond market order.

As an important part of the multi-level capital market system, the various systems of China's bond market have continued to improve since this year, and the unified supervision of China's bond market has formed a general framework. At the same time, with the establishment of private enterprise bond financing support tools last year, the support of the bond market to the real economy, especially private enterprises, has been further strengthened.

Unified supervision has formed a general framework

Dong Li Jincheng's chief bond analyst Su Li told the Securities Daily reporter that in recent years, the bond market system has been continuously improved in terms of strict information disclosure requirements, standardizing credit rating systems, and strengthening the enforcement of the bond market. To positive effects.

For example, on October 16, this year, the central bank stated that in order to further facilitate the investment of overseas institutions and reflect the high level of openness requirements, the People's Bank of China and the Foreign Exchange Bureau formulated the "Notice on Further Facilitating Foreign Institutional Investors' Investment in the Interbank Bond Market." Non-trading transfers of QFII / RQFII and bonds under the direct market access channel of the same overseas entity are allowed, and funds accounts can be directly transferred. At the same time, the same overseas entity only needs to record once when entering the market through the above channels.

On December 20, the People's Bank of China, the Development and Reform Commission, and the China Securities Regulatory Commission jointly solicited opinions on the "Administrative Measures for the Disclosure of Corporate Credit Bond Information (Draft for Comment)" and supporting documents.

On December 24, the National Court Trial Symposium on Bond Dispute Cases was held in Beijing. At the meeting, the Supreme People's Court introduced the main content and drafting process of the "Minutes of Seminar on Trial Cases on Bond Disputes (Draft)". Zhou Qiang, Secretary of the Party Group and President of the Supreme People's Court, emphasized that it is necessary to base the bond market and judicial practice, give full play to the role of judicial functions, protect the legitimate rights and interests of investors in accordance with the law, and provide a strong foundation for building a standardized, transparent, open, dynamic, and resilient capital market Judicial services and guarantees.

Zhongshan Securities Chief Economist Li Zhan told the Securities Daily reporter that China's credit bond market exists-the China Interbank Market Dealers Association is mainly responsible for overseeing short-term financing, China votes, targeted instruments, asset-backed bills, etc. It mainly supervises corporate bonds, and the CSRC mainly supervises the three-party regulatory structure of corporate bonds. The central bank, the Development and Reform Commission, and the China Securities Regulatory Commission jointly issued a public consultation on the "Administrative Measures for the Disclosure of Corporate Credit Bond Information (Draft for Soliciting Opinions)", which indicates that the unified supervision of China's bond market has formed a general framework.

"In the future, at the institutional level, the establishment of a full default debt disposal mechanism, the strengthening of unified supervision of credit ratings, and the unification and strengthening of penalties for violations are the main directions in which policies need to be strengthened," Li Zhan said.

Su Li predicts that in order to resolve credit risks and protect the legitimate rights and interests of investors, the investor protection system will be further improved in the future, and an investor protection system suitable for the Chinese bond market will be established.

Attracting foreign investors to "buy, buy, buy"

The continuous improvement of the bond market system has also attracted the "favor" of foreign institutional investors. Su Li told the Securities Daily reporter that in recent years, China's bond market has further accelerated its opening to the outside world, bringing simplified management for overseas investment institutions to participate in the interbank bond market, thereby facilitating its operations and helping to attract overseas investment institutions. Increase investment in China's bond market, promote diversified investment institutions to make long-term investments in China's bond market, increase market activity and liquidity, and promote the integration of China's bond market with the international market.

"Securities Daily" reporter based on data released by the China Foreign Exchange Trading Center, in the first 11 months of this year, foreign institutional investors in the interbank bond market total net purchases of bonds worth 970.2 billion yuan. Among them, the net purchase in November was 98.8 billion yuan, an increase of 48.5 billion yuan from the previous month.

According to the data released by Bond Connect, in November 2019, the number of foreign institutional investors entering into the bond bond market increased by 154 from the previous month, setting a new record for the number of accounts opened in a single month. As of the end of November, a total of 1,533 overseas institutional investors completed the bond filing. Entered the market; in November, the transaction volume reached 375.6 billion yuan, again setting a new monthly record.

Li Zhan told a reporter of the Securities Daily that foreign capital continued to flow into China's bond market. First, as the process of opening the Chinese bond market to the outside world continued to accelerate, the inclusion of Chinese bonds in several internationally important indexes accelerated the inflow of foreign capital. Second, the income of Chinese bonds The rate is high and China, as the second largest net creditor country in the world, has high security and is highly attractive to international investors.

Su Li said that the proportion of foreign institutions holding China's bonds is still relatively low, and the types of holding bonds are single. In the future, it is possible to further improve the rules and regulations for opening the bond market, enrich financial instruments and trading mechanisms in the bond market, and strengthen integration with the international market.

"Currently, the yield of Chinese bonds is still high globally and the process of opening up the Chinese bond market is still accelerating. It is expected that foreign capital will continue to flow into the Chinese bond market." Li Zhan believes.

Private enterprises receive further support

In 2019, the various systems of the bond market have been continuously improved, and the role of supporting the real economy, especially private enterprises, has been further exerted.

On October 22, 2018, the central bank announced the establishment of a private enterprise bond financing support tool. Private enterprise bond financing support tools are provided by the People's Bank of China with re-loans to provide part of the initial funds, market-oriented operations by professional institutions, and the sale of credit risk mitigation tools and guarantees to increase credit. Market, promising, technologically competitive private enterprise bond financing.

On December 24, Zhang Jun, chief economist of Morgan Stanley Huaxin Securities, told the Securities Daily reporter that since the establishment of private enterprise bond financing support tools, tools based on CRMW (credit risk mitigation certificates) have been issued. There are about 130 listings, which have certain impacts on two levels: On the one hand, private enterprise bond financing instruments can improve the liquidity level of the bond market and reduce the bond financing costs of some private enterprises on the basis of diversifying and reducing overall credit risk. The financing structure of enterprises has improved; on the other hand, with the optimization of the financing environment for private enterprises, the problem of "difficult financing" will be improved, which will also increase the financing needs of enterprises from the side and promote enterprises to proceed from their own long-term development perspective. The long-term investment layout will boost the endogenous growth momentum of production and investment in the whole society, and alleviate the pressure of economic downturn while external uncertainties remain. (Apprentice Reporter Di)

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