China's bond market is destined to play an increasingly important role at home and abroad. The inclusion of its bonds in global indexes will be a positive milestone for its financial market integration. For policymakers and investors alike, this calls for a good understanding of the bond market structure, its unique characteristics, and areas for reform. This volume comprehensively analyzes segments of China's bond market, from sovereign and credit bonds to the rapidly growing local government bond market. It also covers bond futures, green bonds, and asset-backed securities. Academics, Chinese officials, researchers from the private sector and IMF staff combines rigorous analysis with institutional details to provide a detailed picture of China's bond market. The book is a must read for those seeking to learn more about China's bond market and its financial integration with the global economy. Removing obstacles and opening the market to foreign investors, harmonizing regulation, strengthening financial sector stability, and improving market liquidity will go a long way to improving market efficiency and contributing to the economy's overall productivity and growth. Equally important will be the implementation of supporting reforms, such as removing implicit guarantees, strengthening monetary frameworks, and improving communication. The book covers these issues, as well as China's offshore market, which has played a major role in onshore market development.


The International Monetary Fund (IMF) is an international organization of 185 Member Countries. It was established to promote international monetary cooperation, exchange stability, and orderly exchange arrangements; to foster economic growth and high levels of employment; and to provide temporary financial assistance to countries in order to help ease balance of payments adjustments.