**The financial work conference pointed out that the high-quality development of the bond market should be promoted. Actively giving full play to the financing function of the bond market has become an integral part of stabilizing growth and promoting the high-quality development of China's economy.
In recent years, China's bond market has become the world's second largest bond market with steady expansion, continuous emergence of product innovation, increasing diversification of participants, and continuous improvement of trading activity.
2023 is the first year for the full implementation of the spirit of the 20th National Congress of the Communist Party of China. This year, the unified supervision of the bond market has taken an important step, this year, the reform of the bond registration system has been fully implemented, and a new round of bonds has been ...... this yearThe vitality of the high-quality development of the bond market continues to emerge.
Key words: 1. The exchange market starts the bond market-making business.
On February 6, the exchange bond market officially launched the bond market-making business. The first batch of market makers includes 12 companies, including Anxin**, Dongfang**, Guotai Junan, Guoxin**, Huatai**, Shenwan Hongyuan, Yinhe**, China Merchants**, China Securities Construction Investment, CITIC**, Caitong** and Guojin**. The China Securities Regulatory Commission said that the launch of bond market-making business, on the one hand, is conducive to reducing liquidity premiums and bond issuance costs, improving the function of the exchange bond market, and further giving full play to the role of the bond market in supporting the real economyOn the other hand, it is conducive to improving pricing efficiency, forming a bond yield curve that can more accurately reflect market supply and demand, and providing a benchmark reference for market pricing.
Keyword 2: Bond market unification.
On March 16, the Communist Party of China issued the "Reform Plan for Party and State Institutions", which assigned the responsibility of reviewing the issuance of corporate bonds to the China Securities Regulatory Commission, and the China Securities Regulatory Commission was responsible for the review of corporate (enterprise) bond issuance. After the review power of enterprise bond issuance is transferred to the China Securities Regulatory Commission, it means that the domestic credit bond issuance management department has evolved from the three major institutions of the China Securities Regulatory Commission and the Dealers Association to the two major institutions of the China Securities Regulatory Commission and the Dealers Association. The space for issuers to conduct regulatory arbitrage among the three major bond varieties will be gradually reduced, which will help promote the unified supervision of the bond market.
Key words: 3. Promote the interconnection of bond markets.
On 28 April, the People's Bank of China (PBoC) issued the Interim Measures for the Administration of Mutual Access and Cooperation between the Mainland and Hong Kong Interest Rate Swap Markets, which applies to the Northbound Swap Connect, which refers to foreign investors participating in the Mainland's interbank financial derivatives market through the mechanism of mutual access between Hong Kong and mainland infrastructure institutions in terms of trading, clearing and settlement. The promulgation of the Measures will help regulate the business related to the interconnection and cooperation of the interest rate swap markets between the Mainland and Hong Kong, improve the risk hedging tools of foreign investors, protect the legitimate rights and interests of domestic and foreign investors, and maintain the order of the interest rate swap market.
Key words: 4. Support the financing of scientific and technological innovation enterprises.
On April 28, the China Securities Regulatory Commission issued the "Work Plan for Promoting the High-quality Development of Scientific and Technological Innovation Corporate Bonds", proposing: First, optimize the financing service mechanism. The second is to expand the supply of funds for scientific and technological innovation. The third is to improve the liquidity of science and technology innovation bond transactions. The release of the plan will help improve the efficiency of the issuance of science and technology innovation bonds and promote the further expansion of bonds in the field of science and technology innovation.
Key words: 5. Promote the issuance of bonds in the field of rural revitalization.
On June 16, the People's Bank of China issued the "Guiding Opinions on Financial Support for Comprehensively Promoting Rural Revitalization and Accelerating the Construction of an Agricultural Power", encouraging eligible enterprises to issue corporate bonds, short-term financing bonds, medium-term notes, asset-backed **, asset-backed notes, and rural revitalization notes for rural revitalization. Actively support the listing, listing and refinancing of qualified national seed industry formation enterprises and agricultural science and technology innovation enterprises. Encourage financial institutions to issue "three rural", small and micro, and green financial bonds, and broaden the channels of loanable funds. The issuance of the opinions will help meet the financing needs of enterprises in the field of rural revitalization and promote the issuance of bonds in the field of rural revitalization.
Key words: 6. The reform of the bond registration system has been fully implemented.
On June 21, the China Securities Regulatory Commission (CSRC) issued the "Guiding Opinions on Deepening the Reform of the Bond Registration System" and the "Guiding Opinions on Improving the Practice Quality of Bond Business of Intermediaries under the Registration System", which means that the reform of the bond registration system has been fully implemented.
Key words: 7. A new round of debt is opened.
On July 24, the Political Bureau of the Communist Party of China held a meeting. Among them, in view of the current risks and hidden dangers in key areas and new challenges, the Politburo meeting proposed that it is necessary to effectively prevent and resolve local debt risks and formulate and implement a package of debt plans. Special refinancing bonds fired the first shot of localized bonds.
Keywords: 8 trillion special refinancing bond issuance.
On October 9, Inner Mongolia became the first province in the country to publicly issue special refinancing bonds this year, and since then, local governments have issued bonds intensively. According to data from China Bond Information Network, as of October 31, a total of 24 provinces had issued a total of 1,043.1 billion yuan of special bonds. After that, some special bonds will be issued in November and beyond.
Key words: 9. The Shanghai-Shenzhen-North Stock Exchange officially launched the acceptance and review of corporate bonds.
In order to implement the decision-making and deployment on institutional reform and do a good job in the transfer of corporate bond responsibilities, according to the relevant deployment, the China Securities Regulatory Commission and its relevant institutions issued a package of relevant system rules for subsidiary bonds (including corporate bonds) on October 20. On the same day, the Shanghai ** Exchange, the Shenzhen ** Exchange, and the Beijing ** Exchange announced that they would officially start the acceptance and review of corporate bonds from 9 o'clock on October 23, 2023.
Keyword 10
Issuance of additional trillions of national bonds.
On October 24, the sixth meeting of the Standing Committee of the 14th National People's Congress voted to pass the resolution of the Standing Committee of the National People's Congress on approving the additional issuance of treasury bonds and the 2023 budget adjustment plan. It is understood that the Ministry of Finance will issue an additional 1 trillion yuan of 2023 treasury bonds in the fourth quarter of this year. The additional treasury bonds will be allocated to local governments through transfer payments, focusing on supporting post-disaster recovery and reconstruction and making up for the shortcomings in disaster prevention, mitigation and relief, so as to enhance China's ability to resist natural disasters as a whole and better protect the safety of people's lives and property.
Keyword 11
Henan Energy Heavy Debt.
On December 15, Henan Energy Group (hereinafter referred to as Henan Energy) successfully issued the first phase of 1 billion yuan directional debt financing instruments (PPN) with a term of 2+1 years. The successful issuance of this bond is conducive to boosting the market confidence of Henan Energy and enhancing market recognition, and it will also help promote the comprehensive credit repair of Henan Energy and optimize the company's debt structure.
Editor-in-charge: Chen Yuyao |Reviewer: Chen Xiaojuan |Review: Li Zhen |Supervisor: Wan Junwei.