Segmentation and Integrated Development of China's Credit Bond Trading Market
A key feature of a country with developed financial markets is that its capital markets should have been powerful enough with investment and financing functions serving for high-quality economic development.As the largest cap-ital market in China,the bond market has ranked second in the world,but it seems to have been more focused on financing functions than on investment.Specifically,in the credit bond market,the trading liquidity is poor with highly volatility and weak price discovery mechanisms.Credit bonds are traded in different places with different trading mechanisms,coupled with major differences in custody and settlement systems and multiple regulatory and supervisory authorities.These segmen-ted institutional barriers lead to a lower level of integration of the credit bond market,which is not in line with the goal of building a unified and efficient large-scale market with element resources that can flow in a wider range.To further promote the integrated development of the credit bond market,it is necessary to give priority to improving transaction liquidity,re-ducing price volatility and enhancing price discovery function.In the future,for the credit bond markets,we should make breakthroughs in unifying the regulation and supervision systems,deepening the reform of interconnection between markets,restructuring the trading mechanism and unifying the custody and settlement systems.
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