Chinese Bond Market Development: Theory and Practice

Author: Cao Haizhen
Publisher:
Publish Date: 2006-12-01
Features: "The Development and Practice of China's Bond Market," a book by Cao Haizhen, is based on his doctoral dissertation. The book focuses on the development of China's bond market since 1994, following the publication of the "Decision of the Central Committee of the Communist Party of China on Several Issues Concerning the Establishment of a Socialist Market Economy System" in mid-November 1993. Using a combination of normative and empirical analysis, the book conducts a systematic and in-depth study of the development process, current operational status, existing problems, solutions, and future development directions of China's bond market. The author points out that in a developing country with a transforming economic system like China, there are no ready-made international models to copy. It is necessary to base oneself on the actual development of China's economy and finance, fully learn from international experience, and uphold the spirit of reform and innovation while adhering to its own path. The author provides a comprehensive analysis of the operational mechanisms of China's bond market, discussing the theory and methods of its analysis from three perspectives: interest rate term structure, benchmark interest rates, and bond indices. The book elaborates on China's current benchmark interest rate target model, the selection of central bank open market operation tools, regulatory and internationalization issues of the bond market, as well as the development priorities and strategies for China's bond market. The book is rich in content, well-documented, clear in its viewpoints, and convincing in its arguments, making it a valuable reference for research and guidance on the development of China's securities market.