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China's Corporate Bond Market Development

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  • Andrew H. Chen
  • Sumon C. Mazumdar
  • Rahul Surana

Abstract

A review of recent developments in the Chinese bond market shows that China's private debt market, an important source of financing to foster economic growth, remains relatively small despite recent reforms. Investors at an information disadvantage demand a risk premium to lend money (i.e., buy bonds) and may ultimately refuse to do so (i.e., ration credit). Possible regulatory reforms to mitigate this information lacuna include suitable bankruptcy and insolvency rules, securities laws, rules governing credit-rating agencies, and market measures (e.g., appropriately regulated credit-derivative market and/or event-risk provisions in bond indentures).

Suggested Citation

  • Andrew H. Chen & Sumon C. Mazumdar & Rahul Surana, 2011. "China's Corporate Bond Market Development," Chinese Economy, Taylor & Francis Journals, vol. 44(5), pages 6-33, September.
    • Handle: RePEc:mes:chinec:v:44:y:2011:i:5:p:6-33
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    Cited by:

    1. Pessarossi, Pierre & Weill, Laurent, 2013. "Choice of corporate debt in China: The role of state ownership," China Economic Review, Elsevier, vol. 26(C), pages 1-16.
    2. Livingston, Miles & Poon, Winnie P.H. & Zhou, Lei, 2018. "Are Chinese credit ratings relevant? A study of the Chinese bond market and credit rating industry," Journal of Banking & Finance, Elsevier, vol. 87(C), pages 216-232.

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