chinas-immature-bond-market-is-impeding-growth

ChinaÆs immature bond market is impeding growth

China urgently needs to fix its bond markets, argues Standard Chartered Bank's China economist, Stephen Green.
At the National PeopleÆs Congress March 5, 2007, Premier Wen Jiabao told delegates that his government would accelerate the development of ChinaÆs debt market. This is a major challenge û and now we believe a priority for reform of ChinaÆs financial system.

In dollar terms, ChinaÆs official debt market is already the largest in ex-Japan Asia. By the end of 2006, outstanding government and semi-government debt totalled $665 billion, accounting for 42% of ex-Japan AsiaÆs official market.

However, measured in other ways, the market is still small. In terms of its significance for the local economy, it is one of the least important in Asia. Put aside official debt, and the market shrinks to a...
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