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ChinaBond 2018 Annual Conference Held in Shanghai

On July 19 and 20th, the 2018 ChinaBond Annual Meeting was successfully held by CCDC in Shanghai. With the theme of “New Era, New Vision”, this annual meeting focused on the construction and development of the bond market in the new era. More than 300 representatives from government, think tanks and financial institutions attended the meeting.

Bai Weiqun, Supervisor of CCDC and President of CCDC Shanghai Headquarters, delivered an opening speech. He noted that no matter how the external environment is changing, to promote the high-quality development of the bond market and meet the challenges of new era, we must adhere to our own objectives and help achieve comprehensive improvement of market efficiency and safety. First, we must stick to innovation-driven development to serve the transformation and upgrading of the real economy. Therefore, it is necessary to take multipronged measures to promote the development of the asset securitization market, support high-yield bond investment, and deepen the development of green bonds. Second, we must improve efficiency and accelerate the integration of infrastructure. The fragmentation of the central depository infrastructure has been a weak link in the development of China’s bond market, and is not consistent to the global trend of integration of central depositories. In response to the call of coordinating financial infrastructures, the key is to integrate and build on a central depository system in line with the needs of the market. Third, we must improve our services and support the orderly and efficient opening up of bond market. CCDC strives to make progress in this field: it services 90% of domestic bond investment by overseas institutions, provides rich market and business information for overseas institutions, promotes the operability level of the bond market, encourages cross-border use of RMB bond collateral, and keeps researching on cross-border interconnections. CCDC has been actively implementing the People's Bank of China's Decree No.3 of 2016 on the full opening of the bond market by supporting the connection of 688 large and medium-sized overseas investors to China bond market with a total holding of bonds of 1.3 trillion yuan; it has supported the implementation of “Bond Connect” in accordance with the requirements of authority, facilitating indirect access to China market of more than 130 foreign investors with a total bond holding of about 50 billion yuan.

Zheng Yang, Party Secretary of Shanghai Financial Affair Committee and Director of Shanghai Financial Services Office addressed the annual meeting. Zheng noted that Shanghai will implement the national strategic deployment, comprehensively promote the four major branding strategies, and build an international financial center that is compatible with China's economic strength and the international status of the renminbi, and that can provide various resources and platforms for the continuous development of China's bond market. Shanghai City will carry out the national financial opening up strategy, continue to promote the bond business innovation in the Shanghai Free Trade Zone, deepen market interconnections, improve the multi-level financial markets of the Shanghai financial center, and safeguard the national financial security. In order to better serve the real economy, the city shall play an enhanced role of the platform aggregating all types of financial elements, and should, in particular, further strengthen the role of bond market as the main channel for direct financing, so that more entities can obtain resources through the bond market.

      The two-day agenda was featured by speeches from 30 experts who delivered in-depth interpretations of the macro-economic and bond market developments.

      Yu Yongding, a member of the Chinese Academy of Social Sciences, comprehensively analyzed the causes of the recent trade war, commented on the US trade claims, and discussed the potential impact and policy response of the trade war.

Wang Jianxun, chief accountant of the Treasury Department of the Ministry of Finance, briefed on the issuance of government bonds this year and proposed the vision of government bond management reform in the new era. First, maintain a reasonable overall level of government bond issuance, providing a solid base for the shifting of China’s economy from a high-speed growth stage to a high-quality development stage. Second, deepen the market-oriented reform of government bond management, and enhance the benchmark role of government bond rates in the multi-level capital market. Third, strengthen the coordinated supervision of the government bond market infrastructure and promote the centralized market interconnection. We can improve the efficiency of the government bond market by drawing on the international experience of connecting multiple front platforms to a single depository and settlement entity. Fourth, expand the use of government bonds in monetary policy, promoting the coordination of fiscal policy and monetary policy. Fifth, improve the local government debt financing mechanism and support the risk mitigation campaign.

Yuan, deputy inspector of the Fiscal and Financial Affair Department of the National Development and Reform Commission, underscored that China’s economy has changed gear from a high-speed growth stage to a high-quality development stage, and has entered a tough period in terms of transforming development patterns, optimizing economic structure, and shifting growth momentum. Therefore, the role of the bond market should be given more play to help deepen reforms, implement new development concepts, and promote high-quality development. This year, corporate bond issuance has been supporting key areas and projects such as rail transportation, highways, shantytown renovation, affordable housing, standardized workshops, urban parking lots and underground utility tunnels. In the future, servicing the real economy should continue to be the first object of the issuance of corporate bonds, which should play a greater role in supporting the development of the real economy.

Peng Xingyun, chief economist of China Bond Forum, National Finance and Development Laboratory, Lian Ping, chief economist of Bank of Communications, Lu Zhengwei, chief economist of Industrial Bank, Peng Wensheng, chief global economist of Everbright Securities, and Zhai Chenxi, vice president of TF Securities delivered keynote speeches and made in-depth analyses on hot topics in domestic financial markets such as financial risk and monetary policy, interest rate liberalization process, and bond market credit risk.

The annual meeting also held a roundtable forum on the theme of “Financial Market Opening and a New Era of Bond Market” and several panel discussions organized by ChinaBond Magazine. The Roundtable Forum was joined by Rong Yihua, deputy director of the Financial Market Department of PBC Shanghai Headquarters, Cao Yanwen, deputy director of the Financial Market Division of Shanghai Financial Office, Liu Dongqing, deputy director of Treasury Department of China Development Bank, Hu Wei, deputy general manager of the BOC Shanghai Exchange Center, Zhang Jinqiu, HSBC (China) Global Capital Markets Co-Director and other experts from financial regulatory authorities and institutions, who had an in-depth research on topics of "the path and direction of opening up of financial market and bond market", "financial security and risk prevention in the process of opening up", and “the significance of the free trade zone in the opening up of the bond market and its innovation”. The panel discussions gathered investment research experts in the bond market who analyzed the macroeconomic developments, monetary policy, market liquidity and bond market investment strategies in the third quarter. The annual meeting also invited a number of experts from banks, securities, fund managers, rating agencies and other institutions to comprehensively analyze on some hot topics such as asset management regulation, green bonds and securitization as well as on risk prevention and control in the bond market. In addition, the agenda also included the award ceremonies of "Top Ten Articles" of ChinaBond Magazine and the outstanding contributors of ChinaBond.com.cn.

    Publish on :07/23/2018 09:52
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