中国主权债券何以全球“圈粉”

Core Viewpoint - The issuance of sovereign bonds by the Chinese government in Luxembourg and Hong Kong demonstrates strong international investor confidence in China's economic stability and the attractiveness of its sovereign debt in the global financial market [1][5]. Group 1: Economic Stability - China's economy is operating steadily, with a complete industrial system and accelerated transformation of new and old growth drivers, creating a high-certainty and high-growth investment environment for international capital [2]. - In the first three quarters of this year, China's GDP grew by 5.2% year-on-year, exceeding expectations and showcasing strong resilience in high-quality development [2]. - The complete industrial system enhances the economy's ability to withstand external shocks, providing fundamental support for the long-term stability of sovereign credit [2]. Group 2: Macro Policy - China maintains a "self-driven" macro policy stance with ample policy reserves, allowing for precise counter-cyclical adjustments amid global economic fluctuations [3]. - The continuous promotion of institutional openness and alignment with international standards enhances international capital's confidence in transaction convenience, compliance safety, and risk management [3]. - This combination of policy autonomy and institutional openness creates a rare certainty premium for sovereign assets, positioning Chinese sovereign bonds as a stabilizing force in global financial turbulence [3]. Group 3: Sovereign Bond Attributes - Chinese sovereign bonds possess three attributes: safe asset, yield asset, and hedging asset, effectively meeting the diverse needs of global investors [4]. - The safe asset attribute is supported by the country's sound fiscal policies and complete industrial system, providing sovereign credit assurance [4]. - The yield asset attribute reflects significantly higher yields compared to some developed economies, making it a scarce value target in a low-interest-rate environment [4]. - The hedging asset attribute allows for effective diversification of investment portfolio risks due to its misalignment with major mature market economic cycles [4].