Author Jian Gao is the number one authority on fixed incomemarkets in China, and with this book, he brings his considerableexperience and knowledge about these markets to investorsworldwide. For those interested in becoming active in China’sgrowing fixed income markets, Debt Capital Markets in Chinais the book you need to get started. It includes coverage of theprimary and secondary markets, government debt instruments,corporate bonds, the collateralized bond market, and asset-backedsecuritizations. Debt Capital Markets in China also examinesthe developing market trends, which affect investors andinstitutions looking to make the most of this incredible financialopportunity.
Dr. Jian Gao, PhD (Beijing, China) is the Vice Governor of ChinaDevelopment Bank (CDB).
About the Author
Dr. Jian Gao is the Vice Governor of China Development Bank(CDB). Before moving to CDB, he worked in different Departments ofthe Ministry of Finance for sixteen years. Throughout his career,Dr. Jian Gao has made many outstanding contributions to theformation of China's Treasury bond market and has led a transitionof CDB's issuing format from administrative placement tomarket-oriented selling. Over the years, he has introduced newinstruments in the market and initiated a series of financialinnovations to boost its liquidity. He attended Beijing Universityof Political Science & Law for graduate studies, received hisPhD in economics at the Institute of Public Finance, and was aPost-Doctoral Fellow at Harvard University.
Table of ContentsForeword.
PART ONE: Bond Market: Theory and Practice.
Chapter 1. Theory of Institutional Economic Engineering inChina.
Chapter 2. The Practice.
PART TWO: The Emergence of a Primary Market.
Chapter 3. Primary Market for Treasury Bond Transactions.
Chapter 4. Issuing Methods and Practices around the World.
Chapter 5. Path to a Cost-Efficient Treasury Bond Market.
Chapter 6. Evaluation of Treasury Bond Issuance in China.
PART THREE: Emergence of a Secondary Market.
Chapter 7. History of China's Secondary Bond Market.
Chapter 8. Secondary Market: Operational Issues and Role ofParticipants and Financial Intermediaries.
Chapter 9. Treasury Bond Investment Fund.
Chapter 10. Treasury Bond Repurchase Market.
PART FOUR: Policy Issues.
Chapter 11. Treasury Bond Market and Open Market Operations.
Chapter 12. Government Debt Policy and Macroeconomics.
Chapter 13. Government Policy on Debt Instruments and TermStructure.
Chapter 14. Impact of Government Policy on Term Structure ofInterest Rates.
Chapter 15. Types of Bonds.
Chapter 16. Government Policy on the Holding Structure ofTreasury Bonds.
PART FIVE: Organization and Legal Structure.
Chapter 17. Organizational Structure and InstitutionalArrangement of the Treasury Bond Market.
Chapter 18. Legal Framework of the Capital Debt Market (PartOne).
Chapter 19. Legal Framework of the Capital Debt Market (PartTwo).
Chapter 20. Regulation and Deregulation Related to Bond MarketRisk Management.
PART SIX: The International Market.
Chapter 21. Foreign Debt Issuance.
PART SEVEN: The Non-Government Securities Market.
Chapter 22. Structure of the Non-Government Bond Market.
Chapter 23. Financial Debentures and the China DevelopmentBank's Financial Innovation.
Chapter 24. Development of China's Corporate Bond Market.
Chapter 25. Asset Securitization of the China Development:Bank.
PART EIGHT: The Debt Capital Market.
Chapter 26. Debt Capital Market and the Macroeconomy.
Chapter 27. Size of Government Debt.
Chapter 28. Debt Capital Market as a Stage of FinancialRevolution.
Chapter 29. Development of the Chinese Government BondMarket.
Appendix A. Laws and Regulations Governing Financial Debenturesthe Federal Reserve of New York on August 3, 2004.