China pledges reform, opening-up of corporate credit bond market

Chinese authorities have issued a guideline on promoting the reform and opening-up of the corporate credit bond market as part of efforts to spur the country's economic transformation and support the building of a new development paradigm.

The guideline was jointly issued by the People's Bank of China (PBOC), the National Development and Reform Commission, the Ministry of Finance and three other departments, according to a statement issued Wednesday on the PBOC's website.

The document details measures for 10 aspects of the corporate credit bond market, including the legal system, information disclosure, the supervision of credit rating agencies and high-level opening-up.

According to the guideline, the country will uphold a zero-tolerance attitude and punish every type of behavior related to debt evasion in accordance with law.

Coordinated efforts will be made to open up the country's inter-bank bond market and the bond market in the exchanges, with measures to unify the access of foreign institutional investors and the management of cross-border capital, the document says.

The authorities vow to actively promote reform and opening-up of the corporate credit bond market and build up the capacity of the market in serving the development of the real economy.