Development financial bonds and assets provide stable funding for development finance. They also promote the expansion of China's bond market and the reform of China's financial, investment and financing systems. Volume 3 reviews the historical background of development financial bonds through extensive investigation and research, and systematically analyzes the market innovations in bond issuing.
About the Author
Renmin University of China is one of the most prestigious universities in China, with a distinct focus on social sciences. The University is home to many outstanding scholars in law, economics, journalism, etc. China Development Bank and the Renmin University of China jointly set up the Research Team on the Developmental Finance of China in August 2004.
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During the past nearly ten years, the scale of development financial bonds issued has continued to grow by closely relying on innovations. As of the end of 2006, China had issued accumulatively more than RMB 3 trillion of development financial bonds which have now become the second largest bond variety only to national debt in the bond market in China.3 As shown in Fig. 1.1, from 1994 to 2001, the CDB issued more than RMB 1 trillion of bonds in eight years. From 2002–2004, the CDB issued more than RMB 2 trillion of bonds in three years. As of the end of 2006, it had issued more than RMB 3 trillion of bonds in two years.
Table of Contents
Foreword Chen Yuan vii
Part I Introduction
1 Background, History and Structure 3
2 Development Financial Bonds in China's Financial System 13
Part II Innovative Practices
3 Varieties of Innovation of Development Financial Bonds 59
4 Development Financial Bonds and the Development of the Bond Market in China 93
Part III Theoretical Connotations
5 The Use of Development Financial Bonds to Push Forward the Development of the Financial System in China 139
6 Development Financial Bonds: An Effective Combination of National Credit and Institutional Credit 177
1 Figures and Tables 199
2 Selected Documents on Policies and Regulations 219