China’s bond market is destined to play an increasingly important role, both at home and abroad. And the inclusion of the country’s bonds in global indexes will be a milestone for its financial market integration, bringing big opportunities as well as challenges for policymakers and investors alike. This calls for a good understanding of China’s bond market structure, its unique characteristics, and areas where reforms are needed. This volume comprehensively analyzes the different segments of China’s bond market, from sovereign, policy bank, and credit bonds, to the rapidly growing local government bond market. It also covers bond futures, green bonds, and asset-backed securities, as well as China’s offshore market, which has played a major role in onshore market development.
The authors are grateful to Qianying Chen, Sally Chen, Sophia Chen, Ziya Gorpe, Henry Hoyle, Deniz Igan, Sole Martinez Peria, Hui Miao, Lev Ratnovski, Yu Shi, and Jochen Schmittmann for comments, and to Haonan Zhou for superb assistance with the data and fgures.