China's domestic bond market is growing as a means to provide an alternative source of funding for the country's companies, which have relied too heavily on easy access to bank loans. The expansion has also encouraged its regulators to open up access to foreign firms and allow greater innovation within the market.
The regulators have gradually opened up the onshore corporate bond market, allowing for diversification of issuer, investor and structure. This has been followed by a slow increase in the number of underwriters with international links. One reason that more counterparties can engage in the market is that there is now a higher...
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