中国债券市场改革发展报告（2025年）（英文版）

Market Development Foundation - Over the past two decades, China's rapid economic growth has established it as the world's second-largest economy, with a substantial financial market, including the second-largest bond and stock markets globally [1][2] - The economic rebalancing has progressed, with consumption becoming the primary driver of economic growth, supported by a complete industrial system and a large middle class [1][2] Market Operation Framework - The National Association of Financial Market Institutional Investors (NAFMII) is promoting a market-oriented bond issuance registration system reform, enhancing information disclosure, and improving bond issuance and pricing mechanisms [1][2] - Investor protection mechanisms have been strengthened, and trading mechanisms have been enriched to improve market efficiency and transparency [1][2] Bond Product System - The interbank bond market offers a diverse range of products, including government bonds, financial institution bonds, and corporate credit bonds, with a notable growth in green bonds supporting sustainable development [2][3] - Technology innovation notes are specifically designed to support core technology enterprises, while asset-backed securities promote inclusive finance [2][3] Risk Hedging Tools - The rapid development of China's financial derivatives market has led to active trading in interest rate, foreign exchange, and credit derivatives, providing essential financing channels for financial institutions [2][3] Self-Regulation - NAFMII has established a self-regulatory framework that includes daily monitoring, inspections, market evaluations, and dispute resolution to maintain market order and ensure healthy market development [2][3] Market Opening - The panda bond market has emerged as a significant financing channel for overseas issuers, with China enhancing services for foreign investors and fostering a favorable environment for international intermediaries [2][3] Overall Market Impact - China's bond market continues to evolve, playing a crucial role in supporting the real economy, promoting sustainable development, and expanding international openness, thereby contributing to economic growth [2][3]