Development Finance in China: Bond Market Innovation

Development Finance in China: Bond Market Innovation

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Product Details

ISBN-13: 9789814298148
Publisher: Enrich Professional Publishing
Publication date: 10/17/2010
Series: Enrich Series on Developmental Finance in China
Pages: 281
Product dimensions: 7.40(w) x 10.30(h) x 3.10(d)

About the Author

China Development Bank is a financial institution in China under the direct jurisdiction of the State Council. As one of the three policy banks of the PRC, it is primarily responsible for raising funding for large infrastructure projects, including most of the funding for the Three Gorges Dam. The bank is the second-biggest bond issuer in China, accounting for about a quarter of the country’s yuan bonds, and the biggest foreign-currency lender.

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.

Read an Excerpt

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

Preface ix

Abbreviations xiii

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

Appendices:

1 Figures and Tables 199

2 Selected Documents on Policies and Regulations 219

Notes 253

Bibliography 255

Index 261

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