时隔2年，自贸债有望重启

Core Viewpoint - The article discusses the potential revival of the Free Trade Zone (FTZ) bonds in China, highlighting the recent announcement by the People's Bank of China to develop offshore FTZ bonds, which aims to broaden financing channels for enterprises involved in the Belt and Road Initiative and enhance international investment participation [1][6]. Development Stages - The development of FTZ bonds can be divided into three stages: 1. Policy Preparation Period: Initiated in August 2013 with the establishment of the Shanghai FTZ and subsequent regulatory support [4]. 2. Market Initial Stage: Marked by the first issuance of FTZ bonds in December 2016, but with limited activity until 2019 [4]. 3. Expansion Stage: From 2019 onwards, there was a rapid increase in issuances, particularly by local government financing vehicles, culminating in a total issuance of 126 FTZ bonds worth 856.36 billion yuan in 2023, more than double the previous year's total [4][6]. Financing Dynamics - In 2023, the FTZ bonds exhibited a significant increase in issuance due to tighter regulations on traditional financing methods for local government financing vehicles, making FTZ bonds a more attractive option [6][7]. - The issuance of FTZ bonds was primarily dominated by local government financing vehicles, which accounted for 77% of the total issuers, while participation from private and foreign enterprises remained low [9][11]. Regulatory Challenges - The initial success of FTZ bonds faced regulatory challenges due to a mismatch between the intended purpose of attracting foreign investment and the reality of domestic banks being the primary investors [9][11]. - In May 2023, the People's Bank of China tightened regulations on FTZ bonds, leading to a halt in new issuances due to concerns over compliance and risk management [11][12]. Future Outlook - The revival of FTZ bonds is contingent upon establishing sustainable offshore funding sources, as the current reliance on domestic banks for funding undermines the original intent of attracting foreign capital [12][14]. - The new regulatory framework is expected to enforce stricter requirements, mandating that both issuers and investors must originate from offshore markets, which could reshape the market dynamics and enhance the internationalization of the renminbi [14][16].