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CSRC breaks down problems facing China's bond market

By Li Zhenyu (People's Daily Online)

17:03, June 05, 2012

BEIJING, June 5 (People's Daily Online) -- The China Securities Regulatory Commission (CSRC), China's top securities regulator, broke down the problems facing China's bond market and revealed what the regulator will do to promote the development of the market, in a statement on its website recently.

"Domestic bond markets have multiple regulators, an incomplete risk control system for repayment, and vague credit responsibility," CSRC said in the statement referring to the problems facing China's bond market.

"The biggest problem with multiple regulators is that they can lead to some sort of implicit endorsement or guarantee. Major systemic risks will emerge if it continues like this."

To promote the development of the domestic bond market, the CSRC is formulating the implementation plan of the private placements of the small and medium enterprises and the municipal bonds and agency bonds are also underway.

According to the requirements of the State Council, the People's Bank of China, the National Development and Reform Commission and the CSRC have initially established inter-ministerial coordination mechanism of the debenture bonds.

At present, the CSRC is making efforts to normalize the bond market, namely to unify the access conditions, the information disclosure standards, the credit ratings requirements, the eligibility and protection system of investors, and further promote the interconnection on the securities exchanges and over-the-counter market and build a standardized and unified bond market, the statement said.

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