China Bond Market Roadmap
中国债券市场发展路线图June 2013www.asifma.org

1. 引言中国经济正处于重要的十字路口。通过将出

和私人领域提供多样性的融资机会，代替银口导向型经济增长提高到战略重点地位，中行贷款，而政府债券市场往往还会为其他发

国成功地以劳动密集型制造业和集中的国内

行人创造机会。健全的债券市场也是开放资投资为支撑，在短短二十年时间里发展成为本项目管制的前提条件之一，并成为利率主全球第二大经济体。尽管中国已经建立起庞导型货币政策的传递渠道。

大的生产能力，贸易通达全球各大市场，但金融业的发展仍有待深入，尤其是资本市场和债券市场较为落后。随着经济的继续增长，中国需要更为完善的资本市场和债券市
场，促进从出口型经济向消费型的转型。

缺乏非市场化的资本配置（包括行政命令式
存贷款利率体制）及外资机构在中国初生的债券市场缺乏真正的国民待遇（尤其是在承
销、做市、企业客户衍生品交易和债券结算
代理人牌照方面）仍然严重阻碍中国债券市

过去，中国一直重视股市市场和银行贷款，场的深一步发展。本文深入探讨建设发达债但较为忽视债券市场的发展，而真正功能齐

券市场的必要性、政府债券市场正常运行的

全、开放的金融市场和高效的资本配置，有关键技术因素、完善金融市场的一般性基本赖于一个高流动性和透明度的债券市场提供

前提条件、中国债券市场发展的近期成就以坚实的基础。成熟的国内债券市场可为政府

及需要进一步考虑的其他问题。

亚洲证券业与金融市场协会草案 — 2013 年 6 月 5 日

1

1. Introduction
China’s economy is at pivotal crossroads. With
its strategic emphasis on export-oriented
growth, China has transformed itself into theworld’s second largest economy within the lasttwo decades, powered by a labor-intensive
manufacturing sector and extensive domestic
investment. However, despite its vast
production capacity and trade links with global
markets, China lacks depth in its financial sector,
highlighted by underdeveloped capital and bondmarkets. For continued growth, China needs
more well-developed capital and bond markets
to facilitate its transformation from an exportdriven economy to a consumer-led one.
Traditionally, China has focused on equity
markets and bank loans at the expense of bondmarkets, but fully functioning, open financial
markets and efficient capital allocation dependon the strong foundation of a liquid andtransparent bond market. A mature domestic
bond market offers a wide range ofopportunities for funding the government andthe private sector as an alternative to bank-lending, with the government bond market
typically creating opportunities for other issuers.
Well-functioning bond markets are alsoprerequisites for relaxing capital accountcontrols and are transmission channels for aninterest rate-led monetary policy.
The lack of market-driven capital allocation,
including an administrative loan and deposit
rate regime, and the absence of true national
treatment for foreign-invested institutions in
China’s nascent bond markets – especially withrespect to underwriting, market making,derivatives trading with corporate clients, andbond settlement agent licensing – remain
significant obstacles to China’s further
development. Detailed discussion follows of theneed for well-developed bond markets, thetechnical aspects crucial to functioning
government bond markets, the underlying
prerequisites of sound financial markets ingeneral, China’s recent accomplishments withrespect to bond market development, and otherissues for further consideration.

Emerging markets have low financial depth – and they are no longer
closing the gap with advanced economies
Emerging Markets’ Financial Depth is Low… and Is Not Catching Up

Debt and Equities as % of GDP, 2Q12

Emerging Markets as % of Global*Central and Eastern Europe, and the Commonwealth of Independent States
SOURCE: McKinsey Global Institute Financial Assets Database; McKinsey Global Institute analysis

ASIFMA — June 20131

2. 中国债券市场现状
截至 2012 年底，中国债券市场规模名列全球及 4) 非金融公司债券，包括企业债券、商业

第四，在上半年超过意大利债券市场。尽管

票据和中期票据等。

持续增长，但中国债券市场的规模仍然不足：它仅为美国债券市场的六分之一，比日2012 年底，中国债券市场本币债券余额 23.7

本债券市场小四倍左右。

万亿元人民币（约合 3.8 万亿美元），同比增中国仍然保持二元债券市场的结构，即银行公司债券。本币政府债券余额同比增加间场外债券市场和场内债券市场，但银行间

8.0%，主要贡献来自政策性银行债券，后者债券市场的规模远远大于场内交易市场，占同比增加 21.3%。亚洲发展银行提供的数据总交易规模的 95%以上。2012 年，银行间债显示，中央银行债券继续拖累政府债券的增

券市场增长迅速，流动性高，总交易规模达长，由于冲销操作减少和中国人民银行进一35 万亿美元。

步放松货币政策，导致同比下降 37.2%。

中国债券市场可用的主要债券类型可分为四

尽管中国已经成为亚洲（除日本外）第一大大类：1) 政府债券，即财政部发行的债券，公司债券市场，但公司债券占整体债券市场也包括地方政府债券；2) 央行票据。由于央

的比重依然较小。2012 年，中国公司债券市

票具有短期限的特点，它是中国债券市场最场增长强劲，债券余额同比增加 20.8%。此为活跃的部分，在货币市场和流动性管理投外，商业银行债券同比增加 36.9%，主要是资组合中使用最为频繁；3) 金融债 – 政策性

因银行为了在中国实施《巴塞尔协议 III》前

银行债券、商业银行债券以及其他非金融机

充实资本，而在 2012 年第 2 季度将次级票据构债券 – 这是中国交易最为频繁的债券；以展期所致。

加 11.2%，主要贡献来自政策性银行债券和

亚洲证券业与金融市场协会草案 — 2013 年 6 月 5 日

22. Current Status of Chinese Bond Markets
As of December 2012, the Chinese bond market
is the fourth largest in the world, leapfrogging
Italy’s bond market in the early part of the year.
However, despite continued growth, theChinese bond market remains undersized: It is asixth of the size of the U.S. bond market andabout four times smaller than the Japanesebond market.
China maintains a two-bond-market structure,
the Interbank over-the-counter (OTC) bondmarket and the Exchange bond market,
however, the Interbank market is much larger
than the Exchange market, accounting for morethan 95% of total trading volume. In 2012, theInterbank market experienced rapid growth andhigh liquidity, with about USD $35 trillion in
total trading volume.

The major types of bonds available in the
Chinese market can be grouped into four broad
categories: 1) Government bonds, which areissued by the MOF and also include local
government bonds; 2) Central Bank Notes,
which are the most actively traded sector of
China’s bond market and are often used inmoney market and liquidity management
portfolios due to the notes’ short maturities; 3)
Financial Bonds – Policy Bank bonds,
commercial bank bonds, and other non-financial
institution bonds – are the most actively tradedbonds in China; and 4) Non-Financial Corporate
bonds, including enterprise bonds, commercial
paper (CP) and medium-term notes (MTN).

SOURCES: Wind, BIS, and MOF (As of December 2012)

ASIFMA — June 2013

2

The amount of outstanding local currency (LCY)
bonds in Chinese markets reached CNY23.7
trillion (US$3.8 trillion) at the end of December
2012, an increase of 11.2% year-over-year(YoY), largely driven by growth in policy bankand corporate bonds. LCY government bonds
outstanding grew 8.0% YoY, largely driven by
the growth in policy bank bonds, which
expanded 21.3% YoY. According to the Asia
Development Bank, central bank bonds
continued to act as a drag on government bond
growth falling 37.2% YoY, a result of fewersterilization activities and additional monetaryeasing by the People’s Bank of China (PBOC).

ASIFMA — June 2013

Although China has become the largest
corporate bond market in Asia, excluding Japan,
corporate bonds still account for a relatively
small portion of the total sector funding.
Regardless, China’s corporate bond market
demonstrated strong growth in 2012, as
corporate bonds outstanding grew 20.8% YoY.
Additionally, commercial bank bonds grew
36.9% YoY, due largely to the carryover ofsubordinated notes in 2Q12 as banks sought tobolster their capital bases in advance of China’s
Basel III implementation.

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3．完善资本市场的必要性
中国快速的经济增长创造了大规模的财富，

降低人们对政府计划和国内银行机构的依

但经济的可持续增长有赖于多个关键挑战的赖。

解决。过去，中国支持经济增长的金融模式
以银行向国有企业贷款为中心，然后由后者
向西方国家出口产品或者为地方政府基础设施项目提供资金。这一循环的最终资金来源
是中国高储蓄率导致的庞大国内存款，而高储蓄率的诱因包括缺乏社会福利保障、缺乏
安全的替代投资选择以及银行存款的相对安全性。毋容置疑，这一金融模式在出口导向
型经济中非常成功，但西方经济体需求的预
期变化、人口的老龄化趋势以及新的基础设
施需求将要求更为平衡和稳定的消费需求和
支出增加推动型增长。
过去二十年来，在亚太经合组织、东盟和亚
洲发展银行等区域性组织的支持下，中国金融市场不断开放，完成了多项改革。尽管中
国的经济增长速度继续领先其他发达经济体，但其资本市场的结构性发展并未同步。
这一局面必须改变。政府政策必须鼓励资本市场按照有利于整体经济和社会发展计划的
方式发展，包括促进从出口型经济向消费型经济的转型，降低银行体系的风险集中度，
为地方政府基础设施项目提供资金，建立社
会保障网络，以及促进大规模的城镇化等。
在下一个十年，解决中国人口老龄化需求的
方案将会大量消耗政府财政，从而减少为满足基础设施、教育、城镇化和其他方面需求
而可用的公共资金。而资本市场拓展将帮助解决日益艰巨的社会保障网络扩张压力，同时为中国的城镇化和社会发展工作提供足够的长期资本。另外，尽管随着消费对经济的
作用提高，支出加大会降低储蓄率，但中国的高储蓄率仍然可以通过资本市场向私人养

此外，如果一国拥有监管规范的多元化市
场，不严重依赖银行贷款，将会更容易吸引长期性国外投资。银行如果没有国家干预，
一般提供短期贷款，限制为经济所提供债务
的长久期限，也不会被视为中长期基础设施建设的可行融资机制。但由于中国资本市场不完善，要求国内银行向地方政府提供中长期贷款，承担沉重的不良资产压力，信用风险也集中到银行业。随着时间推移，这一做法将带来严重后果，正如 2008 年金融危机期
间所见到。

通过进一步放宽政府政策来建设稳健的资本市场，也将有助于提高市场透明度。有关中国市场中操作市场的指控和欺诈丑闻此起彼
伏，使政府和监管部门面临越来越大的压力，必须正面解决问题。详实的财务报告和
妥善的风险评估是资本市场正常运行的根本，这反过来也有利于完善公司治理，提高对市场的信任，符合所有市场参与者和利益
攸关者的权益。
信用评级是资本市场基础设施另一个不可或缺的组成要素。中国的信用评级产业起步较
晚，建立在监管部门强制要求的框架内，而
不是基于投资者需求；评级质量和违约跟踪记录有限，在监管合规之外的市场接受度较
低。金融市场的进一步改革应当促进信用评
级产业的发展，突出透明度、客观性和独立性。这些改革应当以保护投资者权利，鼓励
信用评级产业的良性竞争为宗旨。在此方面，我们认为境内外评级机构的共同参与将

老金和保险替代产品引导，从而可以进一步亚洲证券业与金融市场协会草案 — 2013 年 6 月 5 日

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3. The Need for Well-Developed Capital Markets
China’s rapid growth has led to significant
wealth generation, but key challenges must be
addressed for that growth to continue in asustainable fashion. In the past, China’s financial
model to support economic growth revolved
around bank-lending to state-owned enterprises(SOEs), who in turn exported products to theWest or financed municipal infrastructure
projects. This cycle was ultimately funded by
China’s large base of domestic deposits, which
are the result of high saving’s rates driven by theabsence of a social welfare programs, lack ofsafe alternative investment options, and therelative security of bank deposits. While thisfinancial model is undoubtedly successful in an
export-driven economy, expected changes indemand from Western economies, an ageing
demographic, and new infrastructure needs will
require a more balanced and stable growthmodel fueled by consumer demand andincreased spending.

It is true that China’s financial markets havealready benefitted from increased openness anda range of reform efforts over the last two
decades, supported by regional organizations
such as APEC, ASEAN and the ADB.
Nevertheless, while the pace of economic
growth in China continues to exceed that ofother developed economies, the structuraldevelopment of its capital markets has not kept
pace. This must change. Government policies
must encourage the development of capital
markets in ways that will support its widespread
economic and social development initiatives
including: furthering its transition from anexport-driven economy to a consumer-driven
economy, reducing the concentration of risk inthe banking system, funding municipal
infrastructure projects, developing social safety
nets and fostering its sweeping urbanization
program.

Forecast

SOURCE: The Brookings Institution

In the next decade, programs to address theneeds of China’s aging population will stretch
government finances, making less public money
availableforinfrastructure,
education,
urbanization, and other needs. However,expanded capital markets can help cope withrising pressure to extend social-safety nets,
while at the same time providing enough longterm capital to fund China’s urbanization andsocial development efforts. Moreover, thecountry’s high savings rate, even if reduced by

ASIFMA — June 2013

greater spending in a more consumer-driven
economy, can be funneled through capital
markets into private pension and insurance
alternatives that could further reduce thepopulation’s reliance on government programsand domestic banking institutions.
Additionally, long-term foreign investment ismore readily attracted to countries with wellregulated, diverse markets than those heavily
reliant on bank-lending. Banks that are free of4可以促进竞争，帮助提高整体分析水平和透共资本。要保持可持续的经济增长，中国必明度。

须出台政府政策，促进资本市场的发展，扩促进区域发展平衡、扩大社会保障网络、提高生产率和维持高速经济增长仍然需要建设
大量基础设施，这要求高效地调动私人和公

宽融资和投资渠道，以补充并最终代替目前以银行贷款为主的模式，并向消费型经济转型。

亚洲证券业与金融市场协会草案 — 2013 年 6 月 5 日

4state direction traditionally lend short-term,
limiting the duration of debt available in theeconomy and are not seen as a viable funding
mechanism for longer-term infrastructuredevelopment. However, China’s underdeveloped
capital markets require domestic banks to makelonger-term loans to municipalities, saddlingthem with underperforming assets andconcentrating credit risk in the banking sector.
This practice, over time, has considerable
consequences, as seen in the 2008 Financial
Crisis.

The development of robust capital markets
through more accommodative government
policies will also help increase market
transparency. The rash of market manipulationaccusations and fraud scandals affecting Chinese
markets has put an increasing amount ofpressure on the government and regulatory
authorities to address the problem head on.
Extensive financial reporting and proper risk
assessment are fundamental to well-functioning
capital markets, which in turn supports better
corporate governance and instills greater trustin the marketplace, to the benefit of all market
participants and stakeholders.

the development of a credit ratings industry
that exemplifies transparency, objectivity, andindependence. These reforms should aim toprotect investors' rights and encourage healthy
competition in the credit ratings industry. In thisregard, we believe that the participation of both
domestic and foreign credit rating agencies
would provide more competition and help
improve overall standards of analysis andtransparency.

Credit ratings are another indispensable
component of capital market infrastructure. The
credit rating industry in China started relatively
late and within a framework of regulatorycompulsion, not investor demand; there is alimited track record on ratings quality anddefault, as well as limited market acceptanceoutside of regulatory compliance. Further
reform of the financial markets should facilitate

ASIFMA — June 2013

The substantial infrastructure still needed tospread development geographically, extend
social safety nets, improve productivity andsustain high economic growth requires theefficient mobilization of private and public
capital. To ensure continued and sustainablegrowth, China must enact government policies
that allow for capital market development andbroaden the array of financing and investment
possibilities to complement, and ultimately
replace, the current bank-lending model andtransition to a consumer-economy.

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4. 建设更稳健的债券市场债券市场（包括政府债券和公司债券）的进

重要。下文将详细讨论保持政府债券和公司

一步发展将极大地促进中国整体金融市场的

债券市场正常运行的关键技术因素、完善金

发展，尤其是《巴塞尔协议 III》全面实施

融市场的一般性基础前提条件以及需要进一后。建设更稳健的债券市场对于一直受到不步考虑的其他问题。

良资产积累而拖累的中国银行业的发展尤为

A. 利率市场化债券市场的蓬勃发展，首先要实现利率的市

业的贷款，提高银行的回报率，保持金融机场化。由于基准利率人为地设定为百分之构的盈利能力。此外，这也可能有利于银行

六，中资银行不得不通过存款赚取利润。为

业改变业务模式，从过度依赖存款利息收入了吸引利率较低的存款，部分境内商业银行转向重视向客户提供综合多样性的服务（包开始向客户赠送礼品。这类行为显示受到压括提供资本市场产品）。

制的存款利率并未反映市场利率水平。中国
对利率的管制也扭曲了一级市场的承销，因为风险无法正确评定，发行与定向募集几乎

去年，中国人民银行允许商业银行在贷款基
准利率的基础上下浮 30%，在存款基准利率

无异。

（目前为百分之三）的基础上上浮 10%，利进一步放开利率和资本管制，将迫使银行加会赞赏这些行动，鼓励继续逐步放开利率，强创新和多元化，缩小净利差和利润空间，从而促进存贷款利率的市场化。这是一项必促进中国银行业的发展。这虽然看起来不太须随着中国资本市场的发展而实施的核心改显而易见，但可立即促使银行增加对中小企革。

率体制有所松动。亚洲证券业与金融市场协

B. 政府债券
政府债券市场在大部分国家都居于金融市场

另外，政府证券市场也是整合境内各金融市

的核心地位。这一主要市场板块的发展将有场板块的渠道，有助于建立境内外金融市场

利于公共债务管理机构以成本高效的方式从

之间的重要联系。该市场也将成为利率主导

市场中募集资金。此外，政府证券市场也为

型货币政策发挥作用的渠梁— 这是从计划经

其他金融市场的高效定价提供了基准收益率济向市场经济转型的一个重要里程碑 — 并成曲线。高效的政府证券市场，往往被视为为机构投资者多元化投资组合中的无风险资（尤其是）是公司债务市场发展的一个关键

产。建立稳健、流动性好的政府债券市场，

前提条件。

是中国资本市场和经济发展的关键。

C. 基准收益率曲线
基准收益率对于一级市场和二级市场的高效

晴雨表，也是对冲特定市场风险的手段。由运行都至关重要。它不仅是衡量主导利率结于债券市场的许多分析及定价活动都围绕收

构、市场对未来利率波动的预期以及通胀的

益率曲线进行，一个以高流动性债券市场为

亚洲证券业与金融市场协会草案 — 2013 年 6 月 5 日

54. Establishing More Robust Bond Markets
The further development of bond markets –both government and corporate – willcontribute significantly to overall financial
market expansion in China, especially when
Basel III is fully implemented. The developmentof more robust bond markets is also particularly
important to the evolution of the Chinesebanking sector, which has been stifled by thebuildup of non-performing loans. The sections
below will detail the technical aspects crucial towell-functioning government and corporatebond markets, the underlying prerequisites ofsound financial markets in general, and otherissues for further consideration.

A. Interest Rate Liberalization
The first step to fostering a vibrant bond market
is interest rate liberalization. Because the baseinterest rate is artificially set at six percent,
Chinese banks are forced to generate profits
through deposits. In the intensifying
competition to attract deposits with relatively
low rates, some domestic commercial banks
have started to hand out gifts as rewards totheir customers. This kind of behavior
demonstrates that the repressed interest rates
for deposits do not reflect market rates. China’s
controlled interest rate regime also distorts
primary market underwriting as risk cannot beproperly priced and issues are little more thanprivate placements.
Further liberalization of interest rates, andcapital controls, will benefit the Chinese banking
industry by forcing banks to become morecreative and diversified, narrowing the netinterest margin and shrinking the room forprofits. On its face, this seems counter-intuitive,
but it would immediately create incentives toincrease lending to small- and medium-sizedenterprises, a sector in which banks enjoy
higher returns, to maintain the financial
institutions' profitability. Additionally, it could
help enable the banking industry to change its
business model from one that overly relies on
income from interest on deposits, to one that
focuses on providing comprehensive anddiversified services to customers, including
capital markets products.
Last year, the PBOC improved the flexibility of
the interest rate regime by allowing banks tooffer as much as a 30 percent discount on the
key lending rate and permitting deposit rates up
to 10 percent higher than the benchmark(currently set at three percent). ASIFMA
applauds these actions and encourages
continued, gradual liberalization so that
deposits and loans can be increasingly priced atmarket rates. This is a core reform that must be
implemented as China’s capital markets
develop.

B. Government Bonds
The government bond market is at the core offinancial markets in most countries. The
development of the primary segment of thismarket enables the managers of public debt toraise resources from the market in a costeffective manner. The government securities
market also provides the benchmark yield curvefor the efficient pricing of other financial
markets. The existence of an efficient
government securities market is generally seen
as an essential precursor, in particular, fordevelopment of the corporate debt market.

segments of the domestic financial market andhelps to establish important connections
between domestic and external financial
markets. This market will also be used as achannel for interest rate-led monetary policy – amilestone in the transition from a managedeconomy to a market-driven economy – and as
a riskless asset in the build-up of diversified
portfolios by institutional investors. The
establishment of a robust, liquid government
bond market is the linchpin to the developmentof China’s capital markets and the evolution of
its economy.

Furthermore, the government securities market
acts as a channel for the integration of various

ASIFMA — June 20136

基础的共同基准收益率曲线，是金融业高效另外，中国政府可能还需要重新审视银行贷

配置资本和政府决策者衡量市场预期的一个

存比的法定上限（目前为 75%）
。随着外资流关键要素。

入放缓和银行风险管理制度的完善，该上限

在中国市场，对于不同给定期限的交易最为活跃的债券（被称为“指标”债券），基准收益率曲线已经存在，但该基准的准确性值得怀疑。中国最大型的国有银行承担购买政府债
券来满足其流动性需求的任务，因此往往会已经成为一项制约公司债券市场进一步发展的因素。取消该上限将有利于市场成长，并进一步减少国有银行购买并持有政府债券的动力，完善政府债券市场的投资渠道并提高流动性。

将这些债券持有至到期。此外，中国的国有亚洲证券业与金融市场协会赞赏中国财政部银行购买和持有政府债券时享受税收优惠，

在 2012 年增加再发行规模并推出预发行，为

也是他们坚持这项操作的动机之一。市场参

“指标”政府债券创造了更深的基准，并改善了与者担心这种情况将使收益率曲线缺乏实际收益率曲线上特定点位的流动性。但中国必意义，因为这些债券的收益率并不能反应市须进一步提高基准收益率曲线的可靠性。梳

场状况。亚洲证券业与 金融市场协会强烈建理政府债券市场的渠道并提高透明度、流动议监管部门取消国有银行购买政府债券时享性和效率，发展二级债券市场，创造稳定的受的税收优惠，并扩大可用于满足银行流动

基准收益率曲线，并成功消除市场忧虑。

性要求的金融工具范围。

D. 二级市场交易建立政府债券二级市场是中国债券市场整体

活跃、高流动性的政府债券期货市场；4) 丰发展不可分割的一部分，将为所有类型的市

富的高流动性场外衍生品合约和场内衍生品

场参与者提供多方面的重要好处。更重要的合约；5) 高质量、高效率和高成本效益的电

是，二级市场将有利于建立“无风险”参考收益子询价、交易、清算及结算平台；6) 庞大、

率曲线和“无风险”资产（类似于美国国债），活跃的境内外投资者群（如养老基金）；7) 有

支持成熟的公司债券和货币市场的发展，有利于市场的监管、会计和税收体制：无预扣利于政府以较低的融资成本借入中长期资金

税和交易税等。这些要求将在下文详细介— 从而方便政府为大型的全国性基础设施和绍。

城镇化计划融资。此外，二级市场可以在危
机期间起到缓冲作用，帮助市场参与者高效
地管理风险，从而促进金融稳定，降低系统为了有效实施相关制度，我们建议中国人民银行和财政部要求做市商为每个基准期限的性风险。

四种最新发行的政府债券提供双向报价，这

政府债券的二级市场的七个基本要求如下：1)

文所讨论的多方面原因，加上中国银行为满严格的发行和再发行计划，支持大规模的基足流动性要求而持有债券，政府债券二级市

准发行（如上文所指出）；2) 高流动性的“传场仍然受到流动性缺乏的困扰。

也可以提高市场流动性。尽管如此，由于下统”定期回购市场，方便政府债券的卖空；3)

亚洲证券业与金融市场协会草案 — 2013 年 6 月 5 日

6C. Benchmark Yield Curve
Benchmarks play a critical role in the efficient
functioning of both the primary and secondary
bond markets. They are used as a bellwether togauge the predominant interest rate structure,
the market’s expectations for future interest
rate fluctuations and inflation, and provide
hedging vehicles against certain market risks.
The existence of a common benchmark yield
curve, grounded on a liquid government bondmarket, is a key element for the financial sector
to reach efficient capital allocation and forgovernment policy makers to gauge market
expectations, as much of the analysis andpricing activity that takes place in the bondmarkets revolve around the yield curve.
A benchmark yield curve currently exists in
Chinese markets for the most actively tradedbonds across a range of given maturities – which
are called the “on-the-run” issues – but theaccuracy of the benchmark is suspect. China’s
largest, state-owned banks are tasked withbuying government bonds as part of theirliquidity requirements and therefore, tend to
hold them until maturity. Additionally, China’s
state-owned banks receive preferential tax
treatment when they purchase and holdgovernment bonds, providing an incentive forthem to continue the practice. Market
participants have expressed concern that thisdynamic renders the yield curve effectively
meaningless because the yield on these bonds
do not reflect market conditions. ASIFMA

strongly urges regulators to eliminate thepreferential tax treatment granted to stateowned banks when they hold government
bonds, and broaden the range of financial
instruments that can be used to satisfy bankliquidity requirements.
Further, it may be time for Chinese authorities
to reevaluate the mandatory cap on banks’ loandeposit ratio (currently set at 75 percent). Given
the slowdown in foreign capital inflows andbanks’ improved risk management regimes, thecap has become a restraint to the further
growth of the corporate bond market. Lifting
the cap will bolster market growth and further
reduce incentives for state-owned banks topurchase and hold government bonds,
increasing access and liquidity in thegovernment bond market.
ASIFMA applauds the MOF for increasing
reissuances in 2012 and introducing whenissued trading, which created a deeper
benchmark for “on-the-run” government bonds
and improved liquidity at certain points along
the yield curve. However, the reliability of
China’s benchmark yield curve must continue tobe improved. Increasing access and enhancing
the transparency, liquidity and efficiency of thegovernment bond market, as well as developing
a secondary bond market, will generate a stablebenchmark yield curve and successfully allay
market concerns.

D. Secondary Market Trading
The establishment of a secondary market forgovernment bonds is integral to the overall
development of the Chinese bond market andprovides several important benefits to market
participants of all types. More specifically, asecondary market allows for the establishmentof “risk free” reference yield curves and “riskfree” assets (like U.S. Treasury Bonds), supports
the development of sound corporate debt andmoney markets, and enables the government toborrow for longer terms at lower funding costs– allowing the government to fund large,
country-wide infrastructure and urbanization
programs. Additionally, the secondary market
promotes financial stability and lowers systemicrisk by acting as a shock-absorber during crisisand facilitating cost-effective risk management
for market participants.

ASIFMA — June 2013

A government bond secondary market relies onseven basic requirements: 1) Disciplined
issuance and reissuance programs to support
large benchmark issues (as noted above); 2)
Liquid “classic” term repo markets that allow
easy short selling of government bonds; 3)
Active, liquid government bond futures
markets; 4) A broad range of liquid OTC
derivatives contracts and exchange-tradedderivatives contracts; 5) High-quality, efficientand cost-effective electronic price discovery,
trading, clearing and settlement platforms; 6) A
broad, active domestic and foreign investor
base (e.g., pension funds); and 7) Market
friendly regulatory, accounting and tax regimes:
no withholding taxes and no transaction taxes.
These requirements are expanded upon below.

7

E. 回购市场
“传统”债券回购市场是指敞口保证金要求采用

另外，回购也方便一级交易商利用更多的对标准实践并且债券所有权随协议实际转移的冲策略来对冲风险。特别是由于回购属于担系统。这方便市场参与者将其所持有的债券

保交易，扩大了融资市场，并成为货币市

用于更多的目的，例如进一步回购、空头平场、债券市场、期货市场和场外衍生品市场

仓、证券借贷或作为抵押品等。质押回购系之间的关键纽带。

统并不允许这些活动，由于所有权不随同转移。

2012 年中国的回购交易规模增长迅速，但期

但须强调“做空：能力是做市的根本所在。做涉及所有权的转移，意味着并不是真正的回市商对于任何市场的流动性发展都至关重购。更重要的是，中国回购市场仍然受到回要，但并不是所有的做市商在任何给定时间购利率不稳定的困扰。这主要是因为中国人

都库存有每种工具。尽管如此，如果他们确民银行倾向于使用量化货币政策工具，而不

信有能力按良好的价格借入并交付

是“价格”工具，造成市场参与者很难根据七天

工具，他们仍将会向客户报价，这是传统回回购利率准确对风险进行定价和开展利率掉购市场的特点。这极大增强了现货市场的流期交易。最近中国回购市场改革和发展的措动性，并因此成为债券期货市场和场外衍生

施包括中国银行间市场交易商协会在最近推品市场发展的一个关键前提，因为这要求具

出了中国版全球回购主协议 和中国银行间市

有充分流动性的现货市场。

场交易商协会文件，这是都是向正确方迈出限相对较短，高达 85%的属于担保质押，不的重要步伐，但具有充分流动性和活跃性的传统回购市场在中国仍然虚无飘渺。

F. 期货市场当现货市场具备充分流动性后，中国应进一

两年。但发展高流动性的债券期货难度极步发展政府债券期货市场。一个活跃、流动大，因为相关现货市场流动性太低，债券价

性好、接受密切监管的政府债券期货市场将

格和收益率具有严重的不确定性。期货合约

允许市场参与者迅速对冲大额头寸，更有效还要求充分的空头供应，以在合约到期时随地减轻风险，同时深化相关债券和衍生品市

时取得可用于交割的债券。此外，如果合约场。其他国家的经验表明，债券期货可以增设计不当，合约作为对冲工具和价格发现的强相关现货市场的流动性，因为市场参与者

价值将极为有限，即使投机性参与会在初期

可以更有效地管理债券库存风险。此外，债带来较高的交易量。因此，中国金融期货交

券期货市场尤其对做市商有利，因为期货可易所、整个行业和监管部门需要特别谨慎，使他们对冲头寸，从而降低风险并进一步缩确保在推出前充分理解并解决这些挑战。

小买卖价差。

亚洲证券业与金融市场协会欣赏中国金融期

为了准备最终推出债券期货，中国金融期货

货交易所的模拟交易计划，乐见该交易所在

交易所（CFFEX）已经“模拟交易”债券期货近

近期增加四种新的产品类型 — 政府债券期亚洲证券业与金融市场协会草案 — 2013 年 6 月 5 日

7We commend PBOC and MOF for effectively
implementing rules requiring market makers toshow two-way quotes on the four most recently
issued government bonds for each benchmark
tenor, a move that also enhances market

liquidity.
Nevertheless, the secondary
government bond market still suffers from a lackof liquidity for the various reasons discussed
below as well as the hording of bonds by
Chinese banks for liquidity requirements.

E. Repo Market
A “classic” bond repurchase (repo) market
refers to a system within which margining of
exposures is standard practice and the bondtitle is actually transferred as part of theagreement. This allows market participants to
use the bonds they hold for additional
purposes, such as further repos, covering shortpositions, securities lending, or collateral. A
pledge repo system does not allow these
activities as the title is not transferred.
It is important to emphasize that the ability to‘go short’ is fundamental to market-making. Not
all market-makers, who are critical fordeveloping liquidity in any market, have accessto every instrument in their inventory at any
given time. Nevertheless, they will still quote a
price to a client if they are confident in theirability to borrow and deliver that instrument at
a good price, which a classic repo market
allows. This significantly enhances liquidity inthe cash market and thereby serves as a key
prerequisite for the development of the bondfutures market and the OTC derivatives market,
which requires a sufficiently liquid cash market.

Repos also allow primary dealers to hedge risk
with a wider array of hedging strategies.
Importantly, because repos are securedtransactions, they broaden funding markets andserve as a critical link between money markets,bond markets, futures markets and OTC
derivatives markets.
Repo transaction volumes in China grewthroughout 2012, but remained relatively shortterm, with as much as 85 percent being pledged
as a security and involving no title transfer,
meaning they did not function as true repos.
More importantly, China’s repo market still
suffers from an unstable repo rate. This islargely the result of the PBOC’s preference forusing quantitative monetary instruments over‘price’ instruments, which makes it very difficult
for market participants to price risk accurately
and trade interest-rate swaps based on sevenday repo fixing. Recent efforts to reform anddevelop China’s repo market, including
NAFMII’s recently introduced local GMRA
agreement and The NAFMII Documents, areimportant steps in the right direction, but a fullyliquid and active classic repo market remains
elusive in China.

F. Futures Markets
Once the cash market is sufficiently liquid, China
should further develop its government bondfutures market. An active, liquid, and closely
supervised government bond futures market
would allow participants to hedge large-value
positions quickly and reduce risk more
effectively, while at the same time deepening
the underlying bond and derivative markets.
The experience of other countries shows thatbond futures enhance the liquidity of theunderlying cash markets as market participants
are able to manage the risk of their bondinventories more effectively. Additionally, bondfutures markets are particularly beneficial tomarket-makers because futures enable them tohedge their positions, thus reducing risk andallowing them to offer tighter bid-ask spreads.

ASIFMA — June 2013

In preparation for the eventual launch of bondfutures, the China Financial Futures Exchange,
or CFFEX, has been “mock trading” bond futures
for almost two years. However, developing
liquid bond futures is a challenge in anenvironment where the underlying cash market
is too illiquid and bond prices and yields are
subject to considerable uncertainty. Futurescontracts also require sufficient underlying
supply for those with short positions to readily
obtain deliverable bonds at contract expiration.
Additionally, if contract design is faulty, thecontracts’ value as hedging tools and for pricediscovery would be limited, even if speculative
participation
leads
to
high
initialvolumes. Hence, CFFEX, the industry, andregulators will need to proceed carefully to8货、股指期权、第二轮股指期货和外汇期易所有 170 家境内经纪商，但只有 4 家境外货。在监管部门和中国金融期货交易所努力

参与者，而现行规则不允许中国期货经纪商解决的市场担心的结构性问题方面，亚洲证开展自营买卖。为了确保市场具有发展所需

券业与金融市场协会建议同时提高参与性。

的充分流动性，必须允许内外资证券机构和期货市场必须能够创造可观的流动性才能正

银行入市交易。

常运行，因此推出的难度不言而喻。目前交

G. 利率掉期
利率掉期是固定收益市场不可或缺的一部

收益率曲线。因此，中国迫切需要发展利率分。这些衍生品合约一般用固定利率付款来

掉期市场，以便增强中国的公司债券市场。

交换（即调换）浮动利率付款（通常基于伦敦银行间同业拆借市场浮动利率），是投资者的一项关键工具，他们一般使用这些合约来
对冲、投机和管理风险，为固定收益市场创
造更大的流动性。利率掉期是衍生金融工具
的一个典型例子。按照最普遍通用的条款，
衍生工具是指其价值来源于相关市场收益、市场价格或价格指数的协议。

掉期还有利于境内外企业对冲利率风险，因为这可以减少未来现金流的不确定性，并让
企业调整期债务条件，利用当前或预期的未来市场条件。基于以上优点，利率掉期成为
降低偿债所需资金的金融工具。
尽管存在交易对手方可能无法履行义务的一定风险，也就是在全球金融危机期间所暴露

利率掉期尤其可以协调在不同市场拥有优势出的风险。但国际监管界已经认识到这一风

地位的交易双方，从而方便企业更高效地利险的严重性，并建议实施强制性的集中清用全球市场。由于这些掉期的流动性极高，算、双边保证金要求和建立法人实体标识符

含有内置的远期利率预期以及信用成分，掉

（LEI）等。这些改革将允许监管部门在风险

期利率曲线已经成为信贷市场的一个重要利系统化之前快速发现风险的积累， 极大的增

率基准，在部分情况下已经取代了美国国债强这些产品的安全性。

H. 有关违约轧差的债权人权利为了促进回购和其他衍生品市场的发展，必险。违约轧差还可以降低成本，允许有关当

须强化和完善有关债权人权利的规则，以确

事人更高效地使用信用额度，以最低的准备保对交易和合约执行能力的信心。这对主协

金来覆盖敞口。由于违约轧差在中国的可执议下典型的衍生品交易和合约尤为重要，往行性尚不明确，一家银行对中方交易对手的往通过抵押品进行担保。

风险敞口将以总额纳入监管资本金的计算。

这需要明确修改中国法律以承认违约轧差这一所有发达金融市场的成熟实践。如果发生
破产，违约轧差将允许所有被终止的交易进
行计价和轧差，从而仅由其中一方当事人支付净额。违约轧差允许一方当事人计算其相对于特定对手方的敞口金额，降低了信用风由于实施《巴塞尔协议 III》将增加资本金成本，对风险加权资产的影响远远大于非轧差交易，造成成本明显增加。这也将造成中国
很难发展高流动性的衍生品和回购市场，而
后两者是资本市场对境外投资者具有深度、流动性和开放性的必要条件。

亚洲证券业与金融市场协会草案 — 2013 年 6 月 5 日

8ensure that these challenges are fully
understood and overcome prior to launch.
ASIFMA is encouraged by the CFFEX mock
trading program and welcomes the addition offour new product types – government bondfutures, stock index options, a second round ofindex futures, and foreign exchange futures – tothe exchange in the near future. As regulators
and CFFEX work to address structural concernswith the market, ASIFMA urges them to increase

participation as well. Futures markets arenotoriously difficult to launch because theymust generate a significant amount of liquidity
to be viable. Currently there are 170 domestic
brokers, and only four foreign participants, but
Chinese futures brokers are not allowed to tradefrom their own account under the current rules.
In order to ensure the market has enoughliquidity to develop, securities houses andbanks, both foreign and domestic, must be
permitted to trade in the market.

G. Interest-Rate Swaps
Interest-rate swaps are an integral part of the
fixed-income market. These derivative contracts,
which typically exchange – or swap – fixed-rateinterest payments for floating-rate interest
payments (usually based on LIBOR floating rate),are an essential tool for investors who typicallyuse them to hedge, speculate, and manage risk,
and generate greater liquidity in fixed-income
markets. The interest-rate swap represents one
example of a general category of ﬁnancial
instruments known as derivative instruments. In
the most general terms, a derivative instrument
is an agreement whose value is derived fromsome underlying market return, market price, or
price index.
Importantly,interest-rate
swaps
allow
companies to take advantage of the global
markets more efficiently by bringing together
two parties that have an advantage in different
markets. Because these swaps are highly liquidand have built-in forward rate expectations, aswell as a credit component, the swap rate curve
has become an important interest-ratebenchmark for credit markets that, in somecases, has supplanted the U.S. Treasury yield
curve. Therefore, it is imperative that China

develop an interest-rate swap market as it
works to enhance its corporate bond market.
Swaps also help companies, both foreign anddomestic, hedge againstinterestrate exposure by reducing the uncertainty of
future cash flows and allowing companies torevise their debt conditions to take advantage ofcurrent or expected future market conditions.
As a result of these advantages, interest rate
swaps are used as financial tools to lower theamount needed to service a debt.
There is some risk associated with the possibility
that the other party will fail to meet its
obligations, a risk that was exposed by the
Global Financial Crisis. However, international
regulators have recognized the seriousness of
this risk and are recommending theimplementation of mandatory central clearing,bilateral margining requirements, and thecreation of a Legal Entity Identifier (LEI). These
reforms allow regulators to quickly identify abuildup of risk before it becomes systemic,
significantly increasing the safety of theseproducts.

H. Creditor Rights with Regard to Close-Out Netting
For the repo, and other derivatives markets togrow, the rules governing creditors’ rights must
be strengthened and improved in order toensure confidence in the enforceability oftransactions and contracts. This is particularly
important for derivatives transactions andcontracts typically traded under masteragreements and often secured by collateral.
A clear change to Chinese law is required torecognize close-out netting, an establishedpractice in all advanced financial markets. In abankruptcy scenario, close-out netting allows all

ASIFMA — June 2013

terminated transactions to be valued andnetted so that only a net amount is payable by
one of the parties. Close-out netting reduces
credit risk by allowing a party to calculate its
exposure to a particular counterparty on a net
basis. Close-out netting will also result in cost
reduction, allowing parties to use credit lines
more efficiently and maintain lower reserves tocover exposure.
Because of uncertainty
regarding the enforceability of close-out netting
in China, a bank's exposure to a Chinesecounterparty will be treated on a gross basis forregulatory capital purposes. With the increased9尽管中国政府或监管部门并未明确反对违约条并未明确说明在满足该条规定所有条件的

轧差，但违约轧差的应用和效能必须结合中情况下，破产管理人是否有义务允许抵销，

国法律的以下方面考虑：(1) 中国没有轧差法或者管理人在决定时可能考虑的其他标准。

律，与“轧差”最接近的概念是中国《合同法》

此外，根据《破产法》的规定，管理人还有

所允许的“抵销”；(2) 《2006 年企业破产法》

可能酌情选择合同而不是单一协议下的所有赋予债权人的抵销权受到时效性限制，债权

交易结算净敞口。正是以上法律不确定性涉人须向破产管理人提出抵销申请并经破产管及银行计算监管资本金时对有关信用敞口的理人正式批准；(3) 抵销程序受破产管理人的处理，资本金成本也因而增加。

“酌情决定”限制；(4) 无力偿债公司的债权人
在下列情况下不能抵销其债务：(a) 其在破产
申请受理后取得他人对债务人的债权的；(b)债权人已知债务人不能清偿到期债务，对债务人负担债务的；(c) 公司已经提交无力偿债
申请的，除非此类债务是由法律要求而产
生，或因破产申请一年前所发生的原因而负
担债务的。

通过明确的立法、最高人民法院书面司法解
释或者行政法规澄清抵销的可执行性，并延伸到违约轧差，则对抵押品的使用以及对合
格的金融合约不使用酌情决定权，将会增强
中国境内衍生品协议，为市场参与者提供更大的确定性。中国人民银行和中国银行间市
场交易商协会据说已经与最高人民法院就这些问题进行了讨论，但迄今为止，中国监管

破产程序启动后有关抵销的规定在中国尚未部门和最高人民法院尚未发布澄清或解释。

接受实践检验，有关其解释和运用也有多方亚洲证券业和金融市场协会鼓励中国政府加面的不确定性。例如，目前《破产法》第 40

快考虑并在近期制定有关这些问题的指引。

I. 公司债券市场由于中国经济的宏观形势最近发生变化，公司债券市场经历了爆炸性增长，尤其是非金融公司债。标准普尔的数据显示，中国非金融公司债券市场预计将在 2015 年前超过美国成为全球第一大公司债市场。但中国公司债
市场尚不成熟 — 中国 100 强企业中有 80 家为国有企业 — 而市场普遍预计未来几年经济增速将会放缓，或者可能会出现经济调整，
而这可能会造成市场脱轨。此外，公司债券仍然按绝对收益率发行，而不是相对于基准的利差发行（国际标准做法），使公司很难进
行财务规划。随着中国储蓄率的下降，存款增速放缓，银行流动性将更加紧张，导致企业借款人贷款增速下降。这些情况的后果造
成中国迫切需要进一步发展该市场，因为私人企业希望通过更高效、稳定的方式满足其
融资需求。

在中国，成熟的公司债券市场将具有多方面的作用。首先，它将有利于企业募集资金，即使该企业不是大型境内商业银行的重点客户。如今，中国拥有全球最具创业精神的经济之一，新公司不断涌现，其中不乏成功立
足并创造就业岗位的公司。但大部分新公司
规模一直较小，因为缺乏适当的融资无法快速扩张。成熟的公司债券市场可能会消除这一制约因素，使中国能够建立世界一流的企
业，并（更为重要的是）创造数以千万计的就业岗位。
其次，它将允许企业根据负债期限匹配资产
的久期。这样，中国可以通过避免银行贷款
同时威胁中国大部分最重要公司的发展，从而防止企业发生流动性危机。

亚洲证券业与金融市场协会草案 — 2013 年 6 月 5 日

9cost of capital under Basel III, the impact on
risk-weighted assets is much greater for suchnon-netted
trades,drivingup
costs
considerably. This also makes it extremely
difficult for China to develop liquid derivatives
and repo markets, both of which are required if
their capital markets are to become deep, liquid
and opened to foreigners.
While no Chinese authority or regulator has
explicitly objected to close-out netting, theapplication and effectiveness of close-out
netting must be viewed in the context of thefollowing areas of Chinese law: (1) there is no
netting law in China and the closest concept to“netting” is “set-off,” which is allowed under
Chinese Contract Law, (2) the creditor’s rights to
set-off under the 2006 Enterprise Bankruptcy
Law (“Bankruptcy Law”) is subject to certain
time limits, an application by the creditor to thebankruptcy administrator for set-off, and formal
approval by the bankruptcy administrator, (3)the set-off process is subject to the bankruptcy
administrator’s right to “cherry-pick”, and (4) acreditor of the insolvent company cannot setoff its credits if: (a) it has obtained such credits
through assignment after the court accepts theinsolvency case, (b) if the creditor has obtainedsuch credits after knowing that the company isincapable of paying its debts, (c) the company
has filed an insolvency petition, unless suchcredits are incurred pursuant to the law or byreason of events that take place more than one
year before the insolvency petition.
The provisions regarding set-off after thecommencement of insolvency proceedings havenot been tested in the PRC and there are someareas of uncertainty with respect to theirinterpretation and operation. For example, it is
not wholly clear from Article 40 of the
Bankruptcy Law whether the administrator will
be obliged to allow set-off if all conditions underthese provisions are satisfied, or what othercriteria the administrator could take into
account in a decision. In addition, under the
Bankruptcy Law, the possibility of theadministrator cherry-picking contracts, rather
than looking at the net exposures of alltransactions under a single agreement, cannot
be ruled out. It is this lack of legal certainty thatis relevant to the treatment of a bank's credit
exposure for regulatory capital purposes andthus, the increased cost of capital.
Clarification through unambiguous legislation,
written judicial interpretation by China’s
Supreme Court, or administrative regulation on
the enforceability set-off – and by extension
close-out netting – the use of collateral, and thedisapplication of cherry-picking powers in thecontext of qualified financial contracts, would
strengthen Chinese domestic derivative
agreements and provide certainty to market
participants. The PBOC and NAFMII are
understood to have been in discussions with the
Chinese Supreme Court on these issues, but todate, Chinese regulatory authorities and theSupreme Court have yet to issue a clarification
or interpretation. ASIFMA encourages Chinese
authorities to accelerate their considerations
and promulgate guidance on these issues in thenear-term.

I. Corporate Bond Market
Due to recent macroeconomic changes in the
Chinese economy, the corporate bond market
has experienced explosive growth, particularlyin the non-financial space. According toStandard & Poor’s, China is forecast to surpass
the U.S. as the world’s largest corporate debt
market for non-financial companies by 2015.
However, China’s corporate debt markets are
not well rounded – 80 of the top 100 corporates
in China are SOEs – and there are widespread
expectations of slower growth in the coming
years, or a potential economic correction, which
could derail the market. Additionally, corporate
bonds are still issued at absolute yields rather
than at a spread over a benchmark (theinternational standard practice), which makes it

ASIFMA — June 2013

difficult for corporations to do their financial
planning. As China’s savings rate decreases, anddeposit growth continues to slow, bank liquidity
will become tighter, causing slower loan growthfor corporate borrowers. The result of these
conditions make it imperative that China further
develop this market as private corporations
seeks more efficient, and consistent ways tomeet their funding requirements.
In China, a well-developed corporate bondmarket would serve several functions. First, it
would enable companies to raise funds even if
they are not favored customers of the large,
domestic commercial banks. Today, China has
one of the world’s most entrepreneurial
10

第三，随着养老基金、社会保障基金和保险
基金的崛起，政府债券和公司债券市场共同
成为确保这些基金可用有保障的未来收入匹
配未来偿还义务的关键。
第四，与银行贷款不同，公司债券市场要求
公布详细的募集说明书，加强债券发行公司运作情况的更多披露。这还常常会限制公司
未经投资者同意而从事多方面的活动（包括众多风险极高的活动）。这可以提高透明度，改善公司治理，为更成熟的经济奠定基础。
2011 年，中国银行间市场交易商协会在设计市场化的债券承销准入退出机制方面发挥了
基础性作用，包括征求多个成员委员会的意见。原则上，这些新的标准允许内外资银行

化外资银行作为子承销商，然后作为主承销
商参与商业票据和中期票据等债券市场的程
序。但在实践中，仅有三家外资银行获准在此过程中担任承销商。
2012 年，中国允许外资银行在无须报经银监会审批的情况下参与银行间市场买卖和承销公司债券，在促进公司债券市场的发展方面
取得了长足进步，但外资银行仍需向地方银监局通报交易。政府通过取消 5 亿元以下人民币债券发行的禁令，增加中小企业的融资
渠道，进一步促进了该市场的发展。随着中国继续发展公司债券市场，向外国承销商全面开放非常重要。这将极大地推动市场流动
性，允许外资银行利用其在定价方面的专长为市场作出贡献。

在中国承销债券，将有助于提高明确性，简J. 证券化和担保债券市场监管良好、简单明了的证券化市场是国际公将使银行缩小资产负债表的规模（目前中国认的高效基础设施改善和市政扩建融资机银行贷款余额高达 60 万亿元人民币），而随制。担保债券和优质证券化的最基本形式是着资本市场的发展、投资者可用金融产品的以优质资产为担保，通过资本市场取得融资增加和储蓄率的继续下降，存款可能会减

的一种方式。根据证券化模型，贷款由发起少，从而改变银行过度依赖存款的局面。

人（一般为商业银行）发行，然后汇总打包
到具有不同风险回报特征、对不同类别投资
者具有吸引力的多个证券中。对于中国而
言，建立一个规则明确、连贯、可执行，文件和披露要求完善和市场参与广泛的正式证
券化和担保债券市场，将有助解决市场对于
中国银行负债率过高和地方政府过度依赖银行贷款的担忧。

此外，由于证券化投资者看中资产池的还款能力，而不是银行信用，证券化将增加银行
利用额外现金和流动性来源的灵活性。这将
极大地拓宽可用于支持经济增长的现金池，
为养老基金、保险公司、银行和其他市场参
与者提供安全的担保投资对象。证券化还可
以更精确地分配资本风险，避免中间人的低效性，为企业提供直接进入资本市场的渠

由于多方面的原因，证券化对于中国的银道，在大部分情况下其融资成本低于直接发

行、消费者和地方政府都有吸引力。证券化

债（例如债券或商业票据），同时因为有抵

有助于银行减少资产负债表上的长期贷款等押，投资者的风险也得以降低。

非流动性资产，降低风险资产的积累，为银
行提供持续放贷的能力。在中国，证券化还

最重要的是，证券化市场的发展将为地方政
府提供更有效、更廉价的基础设施项目融资

亚洲证券业与金融市场协会草案 — 2013 年 6 月 5 日

10economies, new companies are formed, andmany succeed and create jobs. However, amajority of these new companies tend to staysmall and do not expand rapidly, because theylack appropriate funding. A well-developed
corporate bond market could potentiallyremove this constraint and enable China tocreate world class companies and, more
importantly, jobs for tens of millions of people.
Second, it would allow companies to match thedurations of their assets with the maturity of
their liabilities. China could thus avert the risk ofa liquidity crisis in its corporate world byensuring that difficulties in obtaining bankfunding would not simultaneously endanger
most of the country’s important companies.
Third, with the rise of pension funds, social
security funds, and insurance funds, thecombination of a government and corporatebond market is key to ensuring that these funds
can match their future payment obligations
with assured future income.
Fourth, unlike bank lending, corporate bondmarkets require the publication of detailed
prospectuses that provide greater disclosure ofa corporate issuer’s operations. They alsofrequently restrict the company fromundertaking various activities – many of which
are risky – without consent of the investors.
They promote greater transparency andimproved corporate governance which is acornerstone of more mature economies.

In 2011, the National Association of Financial
Markets Institutional Investors (NAFMII) was
instrumental in designing a market-oriented
bond underwriting entry-and-exit mechanism
through a process that included consultation
with member committees. In principle, these
new criteria should have allowed both local andforeign-invested banks to underwrite bonds in
China, which would help establish greater clarity
and simplify the process for foreign-investedbank participation as sub-underwriters, andlater as lead underwriters, for commercial paper(CP) and medium-term note (MTN) bondmarkets. In practice, however, only three
foreign-invested banks has been granted
underwriter status as part of this process.
China has made important progress fostering
the development of a corporate bond market in2012 by allowing foreign banks to trade andunderwrite corporate bonds in the Interbank
market without the approval of the CBRC,
although they would still have to report any
deals to the regulator's regional branches. The
government further fostered the growth of themarket by eliminating a rule barring bond issues
below 500 million RMB, increasing access forsmall- and medium businesses. As China
continues to develop its corporate bond market,
it is important that they allow full access toforeign underwriters. Doing so would
dramatically improve liquidity in the market,
and would allow foreign banks to contribute
their pricing expertise.

J. Securitization and Covered Bond Markets
Well-regulated, plain-vanilla securitization
markets are internationally recognized as
efficientfinancingmechanisms
for
infrastructure enhancements and municipal
expansion. At their most basic level, coveredbonds and high-quality securitizations are ameans of tapping the capital markets forfunding, backed by pools of good quality assets.
Under the securitization model, loans are issued
by an originator (typically a commercial bank),
and then aggregated and packaged into multiple
securities with different characteristics of risk
and return that appeal to different investor
classes. For China, the establishment of a formal
securitization and covered bond market, withclear, consistent, and enforceable rules, sounddocumentation and disclosure requirements,
and broad market participation would help

ASIFMA — June 2013

address concerns that Chinese banks areoverleveraged and local municipalities areoverly reliant on bank-lending.
Securitization is attractive to China’s banks,
consumers and municipalities for a number ofreasons. Securitization allows banks to move
illiquid assets, like long-term loans, off-balance
sheet, reducing the build-up of risky assets andproviding banks with the ability to continue
lending. In China, securitization would also
allow banks to shrink their balance sheets,
which are currently burdened with over RMB 60
trillion in outstanding loans, and transition awayfrom their over-reliance on deposits, which may
decrease as the capital markets develop,
investors gain access to more financial products,
and savings rates continue to decrease.
11渠道。《纽约时报》的数据显示，过去十年，

额的百分之一）。评级机构穆迪的数据显示，

政府基础设施和房地产支出超过对外贸易，新试点计划授权将基本基础设施贷款、汽车

成为中国经济增长的最大贡献力量。但主要贷款、经济适用房建设贷款、中小企业贷款

由于西方经济停滞甚至负增长，导致近期中等资产证券化。亚洲证券业和金融市场协会

国经济增速放缓，引发市场担心，将迫使中赞赏为了建设证券化市场的这一新努力，但资银行削减对地方政府基础设施的贷款。尽有关结构和参与限制的担心充斥新的试点计管证券化或担保债券市场的发展不能完全取划。

代银行贷款，成为基础设施融资的主要来源，但这将缓解中国国内银行体系的融资压

证券化要求稳定、可预见的运营环境，确保

力。

可用的资产现金流到达投资者手中。中国几

2012 年 8 月，中国政府允许非上市公司，包政府部门的监督管理，监管和法律的统一是

括地方政府融资平台发售资产支持票据建立证券化交易所需的基础设施的要件之（ABN），以期缓解大型银行的融资需求，为

一。另外，对证券化产品进行准确的风险评

地方政府提供现有融资渠道的替代选择。资

估需要高质量的数据和综合全面的审计程产支持票据以标的资产组合所产生现金流为

序。数据质量过去一直是中国的弱项，而资

抵押，可以在公开市场或非公开市场发行，产证券化所需的数据有时根本无法向发起人

但在公开市场发行时，资产支持票据必须接和整体市场取得。另外，由于缺乏历史证券

受两家中国人民银行认可的机构进行评级。

化数据，无法准确估算未来的资产表现，从该资产支持票据由中国银行间市场交易商协而加剧了风险评估所面临的挑战。这一问题会运作，更类似于信用增强的私人债券，并必须随着市场的发展逐渐解决，否则市场参不是真正的证券化，但可以方便地方政府融与者和信用评级机构将无法恰当评估证券化

资平台直接进入资本市场，降低融资成本。

产品的风险，造成市场在获得发展壮大的机2005 年，中国进行证券化试点计划，允许国乎没有任何法院先例，金融行业也接受多个会前就已失去此次机会。

家开发银行将其贷款资产证券化及中国建设

此外，新试点计划的参与限制也给证券化市

银行将其抵押贷款证券化。该试点计划在场的持续发展带来两方面的问题。对于外资

2006-2008 年期间扩容，允许中国商业银行、机构能否参与试点计划尚不明确。尽管中国

投资银行和证券公司将资产证券化，但 2008银监会并未明确禁止外资参与，但财政部、

年美国次贷危机发生后规模缩小并最终中中国银监会和中国人民银行通知直接下发的止。2012 年 3 月，中国政府宣布开展新的试

金融机构范围有限。根据先前经验，这说明

点计划，并以中国人民银行、中国银监会和外资金融机构面临的审批流程困难重重。由中国财政部联合通知的方式在五月下旬正式于缺乏多样性，很可能中国证券化市场最终

启动。该通知直接下发给国家开发银行、中将无法使银行有效剥离资产负债表中的非流

国邮政储蓄银行、政策性银行、国有商业银动性产品和高效地分配风险。亚洲证券业和行、股份制商业银行、金融资产管理公司、

金融市场协会敦促中国监管部门允许外资参会计师事务所、信托公司、金融公司和汽车与新试点计划，鼓励采纳统一稳定的市场监

金融机构，允许其将大约 5000 万元（790 万管法规。

美元）的资产证券化（不到银行业总贷款余

亚洲证券业与金融市场协会草案 — 2013 年 6 月 5 日

11Additionally, securitization will increases banks’
flexibility to tap additional sources of cash andliquidity, since securitization investors look to
the performance of asset pools, rather thanbank credit, for repayment. This significantly
broadens the pool of cash that can be used tosupport economic growth and provides a safe,
collateralized investment for pension funds,
insurance companies, banks, and other market
participants. Securitization also more precisely
allocates risk with capital, avoiding middlemaninefficiencies and can enable companies toaccess capital markets directly, in most cases atlower cost than the cost of issuing direct debt
(such as bonds or commercial paper), as it iscollateralized, decreasing investor risk.
Most importantly, the development of asecuritization market will allow local
municipalities to more effectively, and cheaply,
fund infrastructure projects. In the last decade,government infrastructure and real estate
spending surpassed foreign trade as the biggest
contributor to China’s economic growthaccording to the New York Times. However,there are concerns that the recent slowdown in
China’s economy, largely due to stagnate or
negative growth in the Western world, will force
Chinese banks to cut back on infrastructureloans to municipalities. While developing asecuritization or covered bond market would
not completely replace bank-lending as theprimary source of infrastructure funding, it
would ease funding pressures on China’s
domestic banking system.
In August 2012, Chinese authorities allowed
unlisted companies, including local government
funding vehicles (LGFVs), to sell asset-backed
notes (ABNs) in an effort to ease the funding
requirements of large banks and provide local
governments an alternative to their existingfunding options. The ABNs are debt instruments
backed by cashflows generated from a pool ofunderlying assets, and can be issued in the
public or the private market – although two
PBOC-recognized agencies must rate the ABN if
it is issued in the public market. Run by NAFMII,
this ABN issuance scheme is not true
securitization, as ABNs function more likeprivate bonds with credit enhancements, but it
allows LGFVs to access the capital markets
directly and reduces their funding costs.

ASIFMA — June 2013

In 2005, China established a securitization pilot
program that allowed the China Development
Bank to securitize its loan assets and the China
Construction Bank to securitize mortgage loans.
The pilot program was expanded from 20062008 to allow Chinese commercial banks,
investment banks and securities firms tosecuritize assets as well, but was scaled back,and ultimately suspended, in response to the
U.S. subprime mortgage crisis in 2008. In Marchof 2012, Chinese authorities announced thedevelopment of a new pilot program andofficially launched the initiative in late May via a
notice promulgated by the PBOC, CBRC and the
MOF. The notice was directly addressed to the
China Development Bank, Postal Savings Bankof China, policy banks, state-owned commercial
banks, joint-stock commercial banks, financial
asset management companies, accounting
firms, trust companies, financial companies andautomotive financial institutions, and allows
them to securitize an estimated 50 million Yuan($7.9 million USD) of assets (equivalent to lessthan one percent of the banking sector’s totalloan balance). According to Moody’s, the new
pilot program authorizes the securitization ofbasic infrastructure loans, auto loans, affordable
housing construction loans, loans for small- andmedium-size enterprises (SMEs), etc. ASIFMA
applauds this renewed effort to establish asecuritization market, but concerns with thestructure and participation restrictions plague
the new pilot program.
Securitization requires a stable and predictable
operating environment to ensure that theavailable asset cash flows reach investors. In
China, where there are few court precedents
and different government authorities thatsupervise and regulate the financial industry,
regulatory and legislative consistency isnecessarytoestablishtherequired
infrastructure for securitization transactions. It
is also important to note that high quality dataand comprehensive audit procedures arenecessary for developing accurate risk
assessments of securitized products. Data
quality has traditionally been a weakness in
China, and the data that is needed for asset
securitization is sometimes unavailable fromboth the originator and the general market.
Further, the lack of historical securitization data
does not allow for the accurate prediction of
future asset performance, further compounding
the challenge of risk assessment. This issue
12

K. 地方政府债券市场
中国的城镇化规划将要求地方政府加快完善

体现了地方政府债券发行作为成本效益高、基础设施。为了克服快速城镇化面临的融资

合理公平的基础设施融资形式的巨大潜力。

困难，消除市场对于地方政府贷款中影子银

地方政府债市场的整体融资成本低是其最大行的担心，亚洲证券业与金融市场协会建议

的吸引力。在完善的地方政府债市场，发行中国发展地方政府债券市场。地方政府债券

人能够通过税收优惠等方式获得低利率，这

属于长期性债券，由地方政府或地方政府所

方面中国需要进一步发展（目前美国地方政

有的企业直接发行，为公路、桥梁、公共机

府债券利息免税）。由于地方政府债券的税收构的建设和维护等基础设施项目融资。该市

优惠，该市场吸引了承销商和债券受托人等

场的建立将允许境内外私人资本为基础设施

多方面的投资者参与，他们之间的竞争使得

项目提供融资，大大缓解地方政府对中资银

地方政府债券的发行成本处于低位。而地方

行的依赖，显著提高大型基础设施建设所需政府债券的长期性更进一步缓解了发行成

的中长期资本规模。

本。这样地方政府可以按照接近所建设基础

美国地方政府债券市场是全球规模最大、最设施资产的长期寿命的期限摊销建设成本。

活跃的地方政府债券市场，充分记载并明显

L. 扩大投资者群庞大的多元化投资者群是保证所有债权需求的境内银行全部买空，同时这些银行几乎没旺盛稳定的关键。投资者群应当包括境内外

有向其他人买卖的动力，造成境内外投资者投资者以及所有类型的机构，从商业银行到被排斥在大门之外。改变这一局面将有利于

保险公司、养老基金、对冲基金、共同基金

境内银行在配置资产时撤出政府债券，转向以及个人投资者等。具有不同投资期限、风

收益更高的中小企业融资或公司债，同时允险偏好和交易动机的庞大投资者群，是促进许保险公司、养老基金或境外投资者等其他活跃交易和高流动性，帮助地方政府、企业

参与者获得这一无风险资产。这将明显提高

和金融机构在各种市场条件下执行融资策略二级市场的流动性。

的关键。更具体地说，一个庞大的投资者群
将成为金融市场稳定性和流动性的重要支中国已通过多个计划和措施提高了境外投资撑，有利于提高价格发现的效率，降低市场

者的参与度，包括合格境外机构投资者计划波动，促进经济增长。

（QFII）和人民币合格境外机构投资者计划（RQFII）。合格境外机构投资者计划于 2002

近年来，中国在扩大国内外投资者群上取得

年推出，允许获得许可证的境外投资者在中了不错进展，但仍有很多工作需要完善。养

国大陆的证券交易所（上海和深圳）买卖股

老基金、保险公司、积极活跃于境内市场的

票和债券，这是中国历史上首次允许境外投对冲基金以及可能带来必要流动性、市场能资者到境内证券市场投资和交易。以前，由力和投资的外资企业参与数量仍然较少。另

于中国执行严格的资本管制，限制资产流入外，由于额度体系的限制，他们无法在市场

和流出中国，中国大陆证券交易所一直对境

中自由经营。在政府债券市场，大部分发行

外投资者关闭。2012 年 7 月，中国证监会颁都通过一级市场招标由需要满足流动性要求

布新的合格境外机构投资者计划规则，允许亚洲证券业与金融市场协会草案 — 2013 年 6 月 5 日

12must be addressed as the market grows, ormarket participants and credit rating agencies
will be unable to properly evaluate the risk of
securitized products, neutering the market
before it has the chance to expand.
Additionally, the participation restrictions on the
new pilot program present a two-fold problem
for the continued development of the
securitization market. There is a lack of clarity
on the ability of foreign institutions toparticipate in the pilot program. The CBRC has
not explicitly prohibited foreign participation,
but the limited scope of the financial institutions

directly addressed in the notice promulgated by
the MOF, CBRC and the PBOC, and priorexperience, suggest that the approval process
for foreign financial institutions would beprohibitive. Due to this lack of diversity, it is very
possible that China’s securitization market will
ultimately fail to allow banks to effectively move
illiquid products off balance-sheet andefficiently distribute risk. ASIFMA urges Chinese
regulators to allow foreign participation in the
new securitization pilot program andencourages the adoption of a consistent set of
regulations to govern the market.

K. Municipal Bond Market
China’s planned urbanization initiative will
require local governments to quickly enhancetheir infrastructure. In order to overcome thefinancing challenges of rapid urbanization andallay concerns about shadow banking in local
government lending, ASIFMA encourages China
to develop a municipal bond market. A
municipal bond is a long-term bond, issued
directly by a local government (municipality) or
local government-owned enterprise, to financean infrastructure project, like the construction
and maintenance of roadways, bridges, andpublic institutions. The creation of such amarket would allow a combination of domestic
and foreign private capital to financeinfrastructure projects, significantly easing local
municipality dependence on Chinese banks, andsignificantly increasing the amount of longerterm capital
available for large-scale
infrastructure development.

equitable form of infrastructure financing are
well documented and most clearly exemplified
by the U.S. municipal bond market, the largest
and most active in the world. The overall low
cost of capital raised in the municipal market is
its most attractive feature. In a well-developedmunicipal market, issuers are able to keepinterest rates low due to tax incentives, which
China would need to develop (in the U.S.,
interest earned from municipal bonds is taxexempt). Due to the tax incentives of municipal
bonds, the market attracts a variety of investors– including underwriters and bond trustees –who are willing to compete, which keeps
issuance costs low. Importantly, the costs of
issuing a municipal bond are further mitigatedby their long maturity. This allows local
government to amortize the costs ofconstruction over periods of time that approach
the long-term lifespan of the infrastructure asset
being built.

The potential advantages of municipal bondissuance as a cost-effective and reasonably

L. Broadening the Investor BaseA large and diversified investor base isimportant for ensuring strong and stabledemand for all bonds. The investor base should
include both domestic and foreign investors,
and all types of institutions – ranging fromcommercial banks to insurance companies,
pension funds, hedge funds and mutual funds,
as well as individual investors. A broad investor
base with different time horizons, risk
preferences and trading motives is vital for
stimulating active trading and high liquidity,
enabling the government, corporates orfinancials to execute their funding strategies
under a wide range of market conditions. MoreASIFMA — June 2013

specifically, a broad investor base provides animportant source of stability and liquidity tofinancial markets, aids in the efficiency of pricediscovery, reduces market volatility, andstimulates economic growth.
Recently, China has made progress broadening
its investor base, both domestic and foreign.
However, much work still needs to be done.
There are still a limited number of pension
funds, insurance companies, hedge funds thatare active in the domestic market and foreign
firms, who could bring necessary liquidity,
market skills and investments, are reticent to13

participate. Moreover, they are unable tooperate freely in the market due to restrictive
quota systems.
In the government bondmarkets, most issuance is bought up at primary
auctions by domestic banks as part of theirliquidity requirements, and with little incentive
to trade the debt to others, crowd out bothforeign and domestic investors. Changing thisdynamic would allow domestic banks to allocate
their assets away from government bonds andtowards better returning SME financing or
corporate debt, while allowing other entrants
such as insurance companies, pension funds orforeign investors to gain access to a risk-free
asset. This would significantly enhance liquidity
in the secondary market.

Source: Chinabond.com.cn, 2012

With respect to foreign investors, China has
increased participation through various
programs and initiatives, including the Qualified
Foreign Institutional Investor (QFII) program
and the Renminbi Qualified Foreign Institutional
Investors Pilot Program (RQFII). Established in
2002, QFII allowed licensed foreign investors to
buy and sell RMB-denominated equities andbonds in China’s mainland stock exchanges (inShanghai and Shenzhen), and was the first timein history that China allowed foreign investors
to invest and trade in the domestic securities
market. Chinese mainland stock exchanges
were previously closed to foreign investors due
to China’s exercise of tight capital controls,
which restricted the movement of assets inand-out of the country. In July 2012, CSRC
published new rules for QFIIs, which granted
them access to the Interbank bond market.
Prior to that, QFIIs could only access the
Exchange bond market. As of December 2012, a
total of 169 foreign institutional investors andUS$37.4 billion in quota have been approved
under the QFII program. However, foreign
access to China’s Yuan-denominated assets isstill limited, with quotas placed under the QFII
program amounting to US$80 billion.

ASIFMA — June 2013

In December of 2011, the Chinese government
introduced the RQFII program, to further spurforeign investment in the domestic securities
market. Initially, the program’s investment
quota and scope was very restrictive, but theCSRC, the PBOC and SAFE have steadily
increased the quota and eased investment
restrictions, first in April 2012 and again in
November 2012. In March 2013, the CSRC and
SAFE implemented updates to the RQFII
guidelines allowing, for more types of
institutional investors to join the program –which is currently limited to investment funds
and securities brokerages – and nullifying
restrictions on the proportion of investments inequities and fixed income securities. Further, on
2 May 2013 the PBOC unveiled new technicalguidance requiring RQFII investors to set up
dedicated and separate accounts with custodianbanks for transactions in Chinese stock
exchanges and the Interbank market, and forthe trading of stock index futures. The
promulgation of the PBOC’s new RQFII guidanceis also expect to herald the resumption of RQFII
quota approvals, a process that has been stalledsince January 2013.

14

合格境外机构投资者投资银行间债券市场。

行开立专户。中国人民银行颁布新的人民币

在此之前，合格境外机构投资者只能投资场

合格境外机构投资者计划指引，预示着 2013外债券市场。截至 2012 年 12 月，共有 169

年 1 月停止的人民币合格境外机构投资者额

家境外机构投资者根据合格境外机构投资者

度审批也将恢复。

计划获得 374 亿美元的投资额度。但外资投资中国人民币产品的渠道仍然有限，合格境外机构投资者计划下的额度最高为 800 亿美
元。

在 2012 年和 2013 年初，通过合格境外机构投资者计划和人民币合格境外机构投资者计
划的稳步扩容，中国监管部门在扩大投资者
群上取得了明显的进步，但进步的步伐却一2011 年 12 月，中国政府推出了人民币合格直较慢。如亚洲债券网站

境外机构投资者计划，以进一步促进外资进（AsianBondsOnline）的连续调查显示，市场

入境内证券市场。最初，该计划的投资额度

参与者指出本币债券市场投资者缺乏多样和范围极为有限，但中国证监会、中国人民性，成为深化本币债务市场的最大单一阻碍银行和国家外汇管理局先后在 2012 年 4 月和因素。亚洲证券业和金融市场协会对 2013 年

2012 年 11 月稳步提高了额度并放松投资限

第 2 季度的近期行动感到鼓舞，并敦促中国

制。2013 年 3 月，中国证监会和国家外汇管监管部门延续这一趋势，扩大并增加合格境理局对人民币合格境外机构投资者计划的规

外机构投资者计划和人民币合格境外机构投定进行更新，允许更多类型的机构投资者参资者计划下的现有投资渠道数量，提高额度与计划（目前仅限投资基金和证券经纪机或取消额度要求，放松资格要求和投资限构），并取消了对股票和固定收益证券的投资制。展望未来，进一步扩大投资者群将要求比例限制。2013 年 5 月 2 日，中国人民银行

明显改善基于风险的债券定价、独立的债券

颁布新的技术指引，要求人民币合格境外机

市场、妥善发挥作用的法律体系和保护债券构投资者为在中国证券交易所和银行间市场

投资者权利并强调市场约束的破产法。

的交易、以及股指期货交易，分别向托管银M. 税收
随着中国金融市场的成熟，各类回购、期允许将净收益和净亏损结转。这一方法属于

货、利率衍生品和债权交易更加独立，税收现代商业实践，有利于提高市场流动性。

制度落后于行业需要的问题成为内资及外资银行的一致担忧。

上文提出，中国将在未来几年过渡到增值税金融市场的营业税制度（预计将在 2015 年被双重征税问题。为方便过渡，上海在 2012 年

增值税体系取代）将交易分为四类（外汇、1 月 1 日推出了营改增试点计划，预计将在股票/股权、债券和其他），是在远早于金融

2013 年 8 月推广到全国。目前，金融服务业市场发展到如今的成熟度之前制定的。由于不在营改增试点计划范围内，但预计将在

整体交易的利润率一般较薄，导致一笔交易2015 年全面实施新税制时享受“简化”增值的总税收可能接近甚至超过净利润，阻碍了税。

对冲交易或相对价值交易的开展。这些营业
税制度应当尽快修订，消除四大交易分类，体系，以消除目前营业税体制导致的服务业

亚洲证券业和金融市场协会支持通过增值税
体系消除服务业双重征税问题的宗旨，但亚洲证券业与金融市场协会草案 — 2013 年 6 月 5 日

13Chinese regulators have clearly made progress
broadening the investor base in 2012 and early2013 through the QFII program and the steady
expansion of RQFII. However, the pace of thisprogress has been slow, as highlighted inconsecutive AsianBondsOnline surveys, where
market participants pointed to the lack ofinvestor diversity in LCY bond markets as being
the single most important impediment todeepening local currency debt markets. ASIFMA
has been encouraged by recent actions in Q2
2013, and urges China’s regulators to continue

this momentum by expanding and increasing
the number of existing investment channels,
increasing the size of, or eliminating, investment
quotas, and easing qualification and investment
restrictions for both the QFII and RQFII
programs. Going forward, further broadeningof the investor base will require a marked
improvement in risk-based bond pricing, an
independent bond market, an appropriately
functioning legal system, and bankruptcy lawsthat protect bond investors’ rights andunderscore market discipline.

M. Taxation
As China’s financial markets mature andtransactions across the spectrum of repos,
futures, interest rate derivatives, and bondtrading become more interdependent, thefailure of tax rules to keep pace with theindustry creates concerns for domestic andforeign-invested banks.
Business Tax (BT) rules (due to be phased out by
2015 in favor of a Value-Added Tax system) for
financial markets, which segregate transactions
into four separate categories (foreign exchange,
stocks/equities, bonds, and other), weredeveloped long before financial markets
reached their current level of sophistication. As
the profit margins on the overall transactions
are generally quite thin, the resulting gross tax
on a transaction as a whole may be close to oreven exceed the net profit, discouraging hedgedtransactionsorrelative-value
trading.
Administration of these business tax rules
should be amended as soon as possible toeliminate the four transaction categories andallow net gains and net losses to be carriedforward. This approach would reflect modern
business practices and promote market
liquidity.
As referenced above, China will be transitioning
to a VAT system over the next few years in an

attempt to eliminate the current double
taxation of the service industry under theBusiness Tax regime. To ease the transition, a
VAT pilot program was launched on 1 January
2012 in Shanghai, and is expected to be fully
extended to the rest of China by August 2013.
Currently, the financial services sector is notcovered under the VAT pilot program, but is
expected to be subject to the ‘simplified’ VAT
when the new tax system is fully implemented
in 2015.
ASIFMA supports the intent of the VAT system
to eliminate double taxation of services,
however, the financial services sector’s inability
to participate in the pilot program to this point
has not allowed the sector to properly gauge
how the new tax scheme will affect financial
institutions or the markets. Additionally,ASIFMA remains concerned with the lack oftransparency regarding the application ofcapital gains taxes on QFIIs. The lack of clarity
regarding the taxation of the financial services
sector in China has generated a substantial
amount of uncertainty, to the detriment ofChina’s markets and market participants. In
order to foster the growth of its capital andbond markets, Chinese authorities must be
more transparent.

N. Regulatory Process
China’s regulatory and jurisdictional uncertainty
is a serious impediment for foreign-invested
financial institutions, effectively serving as a
non-tariff
tradebarrier.
Regulatorytransparency
andconsistency,
marketconsultation processes, sufficient notification of
new rules and time for public comment are vitalto well-functioning financial markets.

ASIFMA — June 2013

A large number of regulatory and quasiregulatory bodies govern the financial services
sector in China (e.g., PBOC, SAFE, MOF, SAT,
NDRC, CSRC, CBRC, CIRC, and NAFMII), eachwith its own priorities and processes.
Notification of regulatory changes across these
institutions is inconsistent, and the complex
approval processes for new products or licenses
continue to suffer from the absence of a15

是，金融服务业目前不能参与试点计划，无

服务业税制的不明确，已经引发巨大的不确法让行业正确评估新税制对金融机构或金融定性，不利于中国市场与市场参与者。为了

市场的影响。此外，亚洲证券业和金融市场

促进资本市场和债券市场的发展，中国政府

协会仍然担心有关对合格境外机构投资者征必须更加透明。

收资本利得税缺乏透明性的问题。中国金融N. 监管程序中国监管和管辖的不确定性是外资金融机构

自己的关注重点和程序。这些监管机构之间面临的一个严重阻碍，实际上已成为一项非监管调整的通告非常不一致，复杂的新产品关税贸易壁垒。监管透明度和稳定性、市场或许可证审批程序继续成为缺乏监管协调的协商程序、新制度的充分告知和公众评议时受害者。而更严重的是，制度往往不明确，段等对于完善的金融市场至关重要。

驳回或批准的理由并未广泛披露，在有些情

中国金融服务业面临多龙治水的问题（如中国人民银行、国家外汇管理局、财政部、国家税务总局、国家发改委、中国证监会、中国银监会、中国保监会和中国银行间市场交易商协会等），各监管机构和准监管机构都有

况下制度本身也并没有公布。有时甚至不明
确是否要求监管部门审批，或监管部门本身也未能就审批流程或程序达成一致。中国监管机构必须改善协调性和透明度，减少不确
定性，增强市场信心。

亚洲证券业与金融市场协会草案 — 2013 年 6 月 5 日

14

coordinated regulatory approach. To makematters worse, rules are often unclear, reasonsfor denial or approval are not widely disclosed,
and in some cases the rules themselves are notpublicly available. At times it is not even clear
which regulator’s approval is required, andASIFMA — June 2013

sometimes regulators themselves disagree
about approval processes or procedures.
China’s regulatory agencies must increase theircoordination and transparency to reduce
uncertainty and foster confidence in themarket.

16

5. 附录
主题

具体要求

建议

理由
西方经济体需求的预期变从出口型经济向市场整体经济

经济/消费型经济的转型。

化、人口的老龄化趋势以建设稳健的资本市场和债

及新的基础设施需求将要

券市场可以加速转型。

求更为平衡和稳定的消费
需求及支出增加推动型增长。

政府政策需要鼓励资本市
场按照有利于整体经济和
中国资本市场必须进一步发展，以帮助中资本市场

国保持经济增速，为
社会和基础设施建设提供融资。

社会发展计划的方式发
展，包括促进从出口型经
济向消费型经济的转型，
降低银行体系的风险集中度，为地方政府基础设施
项目提供资金，建设社会保障网络，以及促进大规

促进区域发展平衡、扩大
社会保障网络、提高生产
率和维持高速经济增长仍
然需要建设大量基础设
施，要求高效地调动私人
和公共资本，但这只能通过稳健的资本市场实现。

模的城镇化等。

信用评级是资本市场基础设施的另一项不可或缺的金融市场的进一步改革应资本市场中国必须建立可信的

当促进信用评级产业的发

信用评级行业

展，突出透明度、客观性
和独立性。

组成要素，利于市场参与者准确评估和管理风险。
允许境内外评级机构的共同参与将可以促进与国内评级机构的良性竞争，帮
助提高整体分析水平和透明度。

亚洲证券业与金融市场协会草案 — 2013 年 6 月 5 日

15

5. Appendix
Topic

General Economy

Capital Markets

Capital Markets

Specific Ask

Recommendation

Reasoning

Transition from anexport-driven economy
to a market/consumerdriven economy.

This transition can behastened through thedevelopment of robust
capital and bond markets.

Expected changes indemand from Western
economies, an ageing
demographic, and new
infrastructure needs will
require a more balanced
and stable growth model
fueled by consumer demandand increased spending.

Chinese capital markets
must be further
developed for China tosustain its economic
growth and fund its
social andinfrastructure
initiatives.

Government policies areneeded to encourage thedevelopment of capital
markets in ways that will
support its widespread
economic and social
development initiatives
including, furthering its
transition from an exportdriven economy to a
consumer-driven economy,
reducing the concentrationof risk in the banking
system, funding municipal
infrastructure projects,
developing social safety
nets and fostering its
sweeping urbanization
program.

The substantial
infrastructure still needed tospread development
geographically, extend social
safety nets, improve
productivity and sustainhigh economic growthrequires the efficientmobilization of private andpublic capital that onlyrobust capital markets canfacilitate.

China must establish acredible credit rating
industry.

ASIFMA — June 2013

Further reform of thefinancial markets should
facilitate the developmentof a credit ratings industry
that exemplifies
transparency, objectivity,and independence.

Credit ratings are anotherindispensable component of
capital market infrastructurethat allows market
participants to accurately
assess and manage risk.
Allowing the participation ofboth domestic and foreign
credit rating agencies would
provide healthy competition
to domestic rating agencies
and help improve overall
standards of analysis andtransparency.
17中国建设深入、流动性强债券市场

和透明度高的债券市场，债券市场（政府债券和公

可以通过放开利率、增强司债券）的进一步发展将

基准收益率曲线、建立政极大地促进中国整体金融

中国必须发展深入、府债券二级市场和期货市

市场的发展，尤其是《巴流动性强和透明度高场、从质押回购制度向传塞尔协议 III》全面实施

的债券市场。

统回购制度转型、允许利后。另外，稳健的债券市率掉期和证券化、保证债场对于一直受到不良资产权人权利、扩大投资者群积累拖累的中国银行业的体以及提高监管和法律透发展尤为重要。

明度等途径实现。

进一步放开利率和资本管制，将迫使银行加强创新和
利率市场化是建设更深
利率市场化

利率必须进一步市场入、更好流动性债券市场化的第一步，只能通过修改
政府政策实现。

多元化，促使银行增加对中小企业的贷款，并促进银行业改变业务模式，从过度依赖存款转向重视向客户提供综合多样性的服务（包括资
本市场产品），从而有利于中国银行业的发展。

亚洲证券业与金融市场协会草案 — 2013 年 6 月 5 日

16Bond Markets

Interest-Rate
Liberalization

China must develop
deep, liquid andtransparent bondmarkets.

Interest rates must be
further liberalized.

ASIFMA — June 2013

China can develop deep,
liquid and transparent bondmarkets by liberalizing
interest rates, enhancing its
benchmark yield curve,
establishing a secondary
and futures market forgovernment bonds,
transitioning from a pledge
repo system to a classic
repo system, allowing forinterest-rate swaps andsecuritization, ensuringcreditors’ rights,
broadening the investor
base, and increasing
regulatory and legislativetransparency.

The further development ofbond markets - bothgovernment and corporate will contribute significantly
to overall financial market
expansion in China,
especially when Basel III isfully implemented. Further,robust bond markets arealso particularly importantto the evolution of theChinese banking sector,
which has been stifled by
the buildup of nonperforming loans.

Interest rate liberalization is
the first step toward
creating deeper, more
liquid bond markets andcan only be achieved
through changes ingovernment policy.

Further liberalization ofinterest rates and capital
controls, will benefit the
Chinese banking industry by
forcing banks to become
more creative and diversified,creating incentives toincrease lending to small- andmedium-sized enterprises,
and enabling the banking
industry to change its
business model from one
that overly relies on deposits
to one that focuses onproviding comprehensive anddiversified services tocustomers, including capital
markets products.

18

在中国市场，对于不同给
定期限的交易最为活跃的债券（被称为“指标”债券），基准收益率曲线已必须发展更强大、更基准收益率曲线可靠的基准收益率曲线经存在，但该基准的准确
性值得怀疑。亚洲证券业
与金融市场协会强烈建议监管部门取消国有银行购买政府债券时享受的税收
优惠，并扩大可用于满足

一个以高流动性债券市场为基础的共同基准收益率
曲线，是金融业高效配置
资本和政府决策者衡量市
场预期的一个关键要素，因为债券市场的许多分析
和定价活动都围绕收益率曲线进行。

银行流动性要求的金融工具范围。
政府债券二级市场的七项
基本要求如下：1) 严格的发行和再发行计划，支持大规模的基准发行；2) 高流动性的“传统”回购市场，方便政府债券的卖空；3) 活跃、高流动性的
二级市场交易中国监管部门必须建立政府债券二级市场政府债券期货市场；4) 丰
富的高流动性场外衍生品
及场内衍生品合约；5) 高质量、高效率和高成本效
益的电子询价、交易、清算和结算平台；6) 庞大、
活跃的境内外投资者群；7) 有利于市场的监管、会计和税收体制：无预扣税

建立政府债券二级市场是中国债券市场整体发展不
可分割的一部分，将为所
有类型的市场参与者提供
多方面的重要好处，包括：建立“无风险”参考收
益率曲线和“无风险”资产（类似于美国国债）；支持
成熟的公司债券和货币市场的发展；有利于政府以较低的融资成本借入中长期资金，从而方便政府为
大型的全国性基础设施和城镇化计划融资。

和交易税等。
“传统”债券回购市场：(1) 允
许市场参与者将其所持有的

回购市场

中国目前的回购市场（质债券用于更多的目的，例如中国必须建立符合国

押回购制度）必须向传统进一步回购、空头平仓、证

际标准的回购市场

回购市场（国际标准）转

券借贷或作为抵押品等（质型

押回购制度不允许转移债权所有权）；(2)允许对于提高任何市场流动性都至关重要亚洲证券业与金融市场协会草案 — 2013 年 6 月 5 日

17

Benchmark Yield
Curve

Secondary Market
Trading

Repo Market

A stronger, more
dependable benchmark
yield curve must be
developed.

A benchmark yield curve
currently exists in Chinese
markets for the mostactively traded bonds
across a range of given
maturities – which arecalled the “on-the-run”
issues – but the accuracy ofthe benchmark is suspect.
ASIFMA strongly urges
regulators to eliminate thepreferential tax treatment
granted to state-ownedbanks when they holdgovernment bonds, andbroaden the range offinancial instruments thatcan be used to satisfy bankliquidity requirements.

Chinese regulators
must establish asecondary market forgovernment bonds.

A government bondsecondary market relies onseven basic requirements:
1) Disciplined issuance andreissuance programs to
support large benchmark
issues; 2) Liquid “classic”
repo markets that allow
easy short selling ofgovernment bonds; 3)
Active, liquid government
bond futures markets; 4) A
broad range of liquid OTC
derivatives contracts andexchange-tradedderivatives contracts; 5)High-quality, efficient andcost-effective electronic
price discovery, trading,clearing and settlement
platforms; 6) A broad,active domestic and foreign
investor base; and 7)
Market friendly regulatory,
accounting and tax regimes:
no withholding taxes andno transaction taxes.

The establishment of asecondary market forgovernment bonds is
integral to the overall
development of the Chinesebond market and provides
several important benefits
to market participants of all
types, including: theestablishment of “risk free”
reference yield curves and“risk free” assets, like U.S.
Treasury Bonds; supports
the development of soundcorporate debt and money
markets; and enables thegovernment to borrow for
longer terms at lower
funding costs – allowing thegovernment to fund large,
country-wide infrastructure
and urbanization programs.

China’s current repo market(pledge repo system) mustbe transitioned to a classic
repo market (international
standard).

A “classic” bond repo market
allows: (1) market
participants to use the bonds
they hold for additional
purposes, such as further
repos, covering shortpositions, securities lending,and collateral (A pledge repo
system does not allow that as

China must develop a
repo market that isaligned withinternational
standards.

ASIFMA — June 2013

The existence of a common
benchmark yield curve,
grounded on a liquid
government bond market, iscritical to the financial
sector’s ability to reachefficient capital allocationand for government policy
makers to gauge market
expectations, as much of
the analysis and pricing
activity that takes place inthe bond markets revolvearound the yield curve.

19

的做市商“做空”，这将增强现货市场的流动性，并因此成为债券期货市场和场外衍
生品市场发展的一个关键前提，因为这要求具有充分流
动性的现货市场；(3) 方便
一级交易商利用更多的对冲
策略来对冲风险；(4) 扩大融资市场，并成为货币市
场、债券市场、期货市场和场外衍生品市场之间的关键纽带。

一个活跃、流动性好、接受密切监管的政府债券期
货市场将允许市场参与者期货市场为了准备最终推出债券期

迅速对冲大额头寸，更有货，中国金融期货交易所

效地减轻风险，同时深化（CFFEX）已经“模拟交易”

相关债券和衍生品市场发

当现货市场具备充分债券期货近两年。亚洲证

展。其他国家的经验表

流动性后，中国应进

券业与金融市场协会欣赏明，债券期货可以增强相

一步发展政府债券期

中国金融期货交易所的模关现货市场的流动性，因货市场。

拟交易计划，鼓励在正式

为市场参与者可以更有效推出该市场前增加新的产

地管理债券库存风险。此品类型并增加外资金融机外，债券期货市场尤其对构的投资渠道。

做市商有利，因为期货可使他们对冲头寸，从而降低风险并进一步缩小买卖价差。

利率掉期是固定收益市场
利率市场化和更深入、更利率掉期

中国亟需发展利率掉

好流动性的债券市场，将期市场。

是中国建设利率掉期市场的前提。

不可或缺的一部分。这些
衍生品合约是投资者的一
个关键工具，他们一般使
用这些合约来对冲、投机
和管理风险，为固定收益市场创造更大的流动性。

亚洲证券业与金融市场协会草案 — 2013 年 6 月 5 日

18

the bond title is nottransferred); (2) allows
market makers, who are
critical for developing
liquidity in any market, to ‘goshort,’ which enhances
liquidity in the cash market
and thereby serves as a key
prerequisite for thedevelopment of the bondfutures market and the OTC
derivatives market, which
requires a sufficiently liquidcash market; (3) Allow
primary dealers to hedge risk
with a wider array of hedging
strategies.; and (4) broaden
funding markets and serve asa critical link between money
markets, bond markets,
futures markets and OTC
derivatives markets.

Futures Market

Once the cash markets
are sufficiently liquid,
China should further
develop its government
bond futures market.

In preparation for the
eventual launch of bondfutures, the China Financial
Futures Exchange, or CFFEX,
has been “mock trading”
bond futures for almost two
years. ASIFMA is
encouraged by the CFFEX
mock trading program andencourages the addition of
new product types andincreased access for foreign
financial institutions before
the formal introduction of
the market.

Interest-Rate
Swaps

It is imperative that
China develop aninterest-rate swap
market.

Interest rate liberalizationand deeper, moreaccessible financial markets
will create the conditions
for an interest-rate swap
market to develop in China.

ASIFMA — June 2013

An active, liquid, and closely
supervised government
bond futures market would
allow participants to hedge
large-value positions quickly
and reduce risk more
effectively, while at thesame time deepening theunderlying bond andderivative markets. The
experience of othercountries shows that bondfutures enhance theliquidity of the underlying
cash markets as market
participants are able tomanage the risk of theirbond inventories more
effectively. Additionally,bond futures markets are
particularly beneficial tomarket-makers because
futures enable them tohedge their positions, thus
reducing risk and allowing
them to offer tighter bid-ask
spreads.
Interest-rate swaps are an
integral part of the fixedincome market. These
derivative contracts are an
essential tool for investors
20

利率掉期尤其可以方便企业更高效地利用全球市场
和对冲利率风险。由于这些掉期的流动性极高，含有内置的远期利率预期以
及信用成分，掉期利率曲
线已经成为信贷市场的一
个重要利率基准，在部分
情况下已经取代了美国国
债收益率曲线。
违约轧差允许一方当事人
计算其相对于特定对手方
的敞口金额，降低了信用风险。违约轧差还可以降
低成本，允许有关当事人
更高效地使用信用额度，
以最低的准备金来覆盖敞口。由于违约轧差在中国
必须强化和完善有关违约轧差的可执行性尚不明确，一债权人权利的制度，这需要明确修改中国法律家银行对中方交易对手的尤其是违约轧差制

以承认违约轧差这一所有风险敞口将以总额纳入监度，以确保市场对交发达金融市场的成熟实管资本金的计算。由于实易和合约可执行性的践。

施《巴塞尔协议 III》将增信心。

加资本金成本，对风险加权资产的影响远远大于非轧差交易，造成成本明显增加。这也将造成中国很
难发展高流动性的衍生产品和回购市场，而后两者
是资本市场对境外投资者
具有深度、流动性和开放性的必要条件。

2012 年，中国允许外资银
公司债券市场

中国必须建设更完善行在无须取得银监会批准的公司债市场。

的情况下参与银行间市场买卖和承销公司债券，并亚洲证券业与金融市场协会草案 — 2013 年 6 月 5 日

在中国，成熟的公司债券市场将具有多方面的作用：(1)它将有利于企业募集资金，即使该企业不是大型境内商业银行的重点客户；(2)它将

19

who typically use them tohedge, speculate, andmanage risk, and generate
greater liquidity in fixedincome markets.
Importantly, interest-rate
swaps allow companies totake advantage of the global
markets more efficiently
and hedge interest-rate risk.
Because these swaps arehighly liquid and have builtin forward rate
expectations, as well as acredit component, the swap
rate curve has become an
important interest-ratebenchmark for credit
markets that, in some cases,
has supplanted the U.S.
Treasury yield curve.

ASIFMA — June 201321

取消了 5 亿元以下人民币允许企业根据负债期限匹配

债券发行的禁令，增加中资产的长久期限；(3)随着养小企业的融资渠道，在促

老基金、社会保障基金和保进公司债券市场的发展方险基金的崛起，政府债券

面取得了长足进步。随着和公司债券市场共同成为

中国继续发展公司债券市确保这些基金可用有保障

场，向外国承销商全面开

的未来收入匹配未来偿还

放非常重要。

义务的关键；(4)通过增加
披露要求提高透明度和改善公司行政治理。

证券化允许银行将长期贷款等非流动性资产移动到资产负债表外，减少风险资产的积累，为银行提供
持续放贷的能力。在中国，证券化还将有助于银行缩小资产负债表的规模（目前中国银行贷款余额高达 60 万亿元人民币），证券化要求稳定、可预见的经营环境。中国必须为证券化

中国需要扩大并增加

市场参与者建立明确的立现有证券化方案的投法、法律和监管制度，鼓资渠道。

励建设恰当风险评估所需的高质量数据，加强外资参与。

并改变过度依赖存款的局面。
此外，证券化将增加银行
利用额外的现金和流动性
来源的灵活性，明显提高他们支持经济增长的能力。另外，证券化尤其可
以更精确地分配资本风
险，避免中间人的低效性，为企业提供直接进入资本市场的渠道，在大部
分情况下其融资成本低于
直接发债（例如债券或商业票据），同时因为有抵
押，投资者的风险也得以降低。

亚洲证券业与金融市场协会草案 — 2013 年 6 月 5 日

20

Close-Out Netting

Corporate Bond
Market

The rules governing
creditors’ rights andmore specifically, closeout netting, must be
strengthened andclarified in order toensure confidence inthe enforceability oftransactions andcontracts.

A clear change to Chinese
law is required to recognize
close-out netting, anestablished practice in alladvanced financial markets.

Close-out netting reduces
credit risk by allowing aparty to calculate its
exposure to a particularcounterparty on a net basis.
Close-out netting will also
result in cost reduction,
allowing parties to use
credit lines more efficiently
and to maintain lower
reserves to cover exposure.
Because of uncertainty
regarding the enforceabilityof close-out netting in
China, a bank's exposures toa Chinese counterparty willbe treated on a gross basis
for regulatory capital
purposes. With theincreased cost of capital
under Basel III, the impact
on risk-weighted assets ismuch greater for such nonnetted trades, driving up
costs considerably. This
also makes it extremely
difficult for China to develop
liquid derivatives and repo
markets, both of which arerequired if their capital
markets are to become
deep, liquid and opened toforeigners.

China must develop a
more well-rounded
corporate debt market.

China has made important
progress fostering thedevelopment of a corporatebond market in 2012 byallowing foreign banks totrade and underwrite
corporate bonds in theInterbank market without
the approval of the CBRC,and eliminating a rulebarring bond issues below
500 million RMB, increasing
access for small- andmedium businesses. As
China continues to develop
its corporate bond market,
it is important that they
allow full access to foreign
underwriters.

In China, a well-developed
corporate bond market
would serve several
functions: (1) it would enable
companies to raise funds
even if they are not favoredcustomers of the large,
domestic commercial banks;(2) it would allow companies
to match the durations of
their assets with the maturityof their liabilities; (3) with therise of pension funds, social
security funds, and insurance
funds, the combination of agovernment and corporatebond market is key toensuring that these funds canmatch their future payment
obligations; and (4) promote
greater transparency andimproved corporate

ASIFMA — June 201322

中国的城镇化规划将要求
地方政府加快完善基础设
施。为了克服快速城镇化

地方政府债券市场的建立面临的融资困难，消除市将允许境内外私人资本为场对于地方政府贷款中影

地方基础设施项目提供融

地方政府债券市

中国必须建设稳健的子银行的担心，亚洲证券

资，极大缓解地方政府对

场

地方政府债券市场。

业与金融市场协会建议中

中国银行的依赖，显著提国发展地方政府债券市

高大型基础设施建设所需场，这将要求中国政府建的中长期资本规模。

立必要的金融基础设施、
出台税收优惠和必要的制度，详见 K 部分。

亚洲证券业与金融市场协
会对 2013 年第 2 季度的发展（包括恢复人民币合
中国必须扩大投资者群，允许境内外金融机构（从商业银行到扩大投资者群保险公司、养老基
金、对冲基金以及个人投资者等）进行公
平竞争。

格境外机构投资者审批和提高额度）感到鼓舞，并
敦促中国监管部门延续这一趋势，扩大并增加合格
境外机构投资者计划和人
民币合格境外机构投资者
计划下的现有投资渠道数量，提高额度或取消额度
要求，放松资格要求和投
资限制。

具有不同投资期限、风险
偏好和交易动机的庞大投
资者群，是促进活跃交易
和高流动性，帮助地方政府、企业和金融机构在各种市场条件下执行融资策略的关键。更具体的说，一个庞大的投资者群将成
为金融市场稳定性和流动
性的重要支撑，有利于提高价格发现的效率，降低市场波动，促进经济增
长。
亚洲证券业与金融市场协
会支持通过增值税体系消市场参与者需要进一
金融税收

步明确向营改增对其
所在机构的影响。

中国监管部门必须提高营改增方面的透明度，例如
将金融业纳入营改增试点范围。

除服务业双重征税问题的
宗旨，但是，金融服务业
目前不能参与试点计划，无法让行业正确评估新税制对金融机构或金融市场
的影响。金融服务业税制的不明确，已经引发巨大

亚洲证券业与金融市场协会草案 — 2013 年 6 月 5 日

21

governance throughincreased disclosure.

Securitization

China needs to expand
and increase access to
its existing
securitization
programs.

ASIFMA — June 2013

Securitization requires astable and predictable
operating environment.
China must establish clear
legislative, legal andregulatory guidelines formarket participants,
incentivize thedevelopment of highquality data for proper risk
assessment, and increase
foreign participation.

Securitization allows banks
to move illiquid assets, likelong-term loans, off balance
sheet, reducing the build-up
of risky assets and providing
banks with the ability tocontinue lending. In China,
securitization would also
allow banks to shrink theirbalance sheets, which are
currently burdened withover RMB 60 trillion in
outstanding loans, andtransition away from theirover-reliance on deposits.
Additionally, securitization
will increases banks’
flexibility to tap additionalsources of cash andliquidity, significantly
broadening their ability tosupport economic growth.
Importantly, securitization
also more precisely allocatesrisk with capital, avoiding
middleman inefficiencies
and can enable companies
to access capital markets
directly, in most cases atlower cost than the cost of
issuing direct debt (such as
bonds or commercial
paper), as it is collateralized,
decreasing investor risk.

23

Municipal Bond
MarketBroadening theInvestor BaseFinancial Taxation

China must develop arobust municipal bondmarket.

China must foster abroad investor base,which allows foreignand domestic financial
institutions (ranging
from commercial banks
to insurancecompanies, pension
funds, hedge funds, aswell as individual
investors) to compete
on an equal playing
field.

Market participants
need more clarity on
how the transition to
the VAT will impact
their institutions.

ASIFMA — June 2013

China’s planned
urbanization initiative will
require local governments
to quickly enhance theirinfrastructure. In order toovercome the financing
challenges of rapid
urbanization and allay
concerns about shadowbanking in local
government lending,
ASIFMA encourages China
to develop a municipal
bond market, which will
require Chinese authorities
to create the necessaryfinancial infrastructure, tax
incentives, necessary
regulations as explained in
more detail in section K.
ASIFMA has beenencouraged bydevelopments in Q2 2013 –including the resumption of
RQFII approvals and quota
expansions – and urges
China’s regulators tocontinue this momentum
by expanding andincreasing the number ofexisting investment
channels, increasing thesize of, or eliminating,investment quotas, andeasing qualification andinvestment restrictions forboth the QFII and RQFII
programs.

Chinese regulators must be
more transparent regarding
the transition from theBusiness Tax to the VAT,
which can be accomplishedby including the industry in
the VAT pilot program.

The creation of a municipal
bond market would allow a
combination of domestic
and foreign private capital
to finance municipal
infrastructure projects,
significantly easing local
municipal dependence on
Chinese banks, andsignificantly increasing theamount of longer-term
capital available for largescale infrastructuredevelopment.

A broad investor base withdifferent time horizons, risk
preferences and trading
motives is vital for
stimulating active tradingand high liquidity, enabling
the government, corporates
or financials to execute theirfunding strategies under awide range of market
conditions. Morespecifically, a broad investor
base provides an importantsource of stability andliquidity to financial
markets, aids in theefficiency of price discovery,
reduces market volatility,
and stimulates economic
growth.
ASIFMA supports the intent
of the VAT system toeliminate double taxation ofservices, however, thefinancial services sector’s
inability to participate in thepilot program to this point
has not allowed the sector
to properly gauge how the
new tax scheme will affectfinancial institutions or themarkets. The lack of clarity
regarding the taxation of24

的不确定性，不利于中国
市场和市场参与者。
中国金融服务业面临多龙
治水的问题，各监管机构
和准监管机构都有自己的
重点和程序。这些监管机构之间监管调整的通告非常不一致，复杂的新产品或许可证审批程序继续成

中国金融业监管部门金融市场的监管

在起草和实施新法规
时必须更加透明。

中国监管部门的实施细则为缺乏监管协调的受害应提高监管透明度和一致者。而更严重的是，制度性，真正进行市场协商程

往往不明确，驳回或批准序、充分通知新法规的实

的理由并未广泛披露，在施，并给公众充分的评议有些情况下制度本身也未时间。

公布。有时甚至不明确是
否要求监管部门审批，或监管部门本身也未能就审
批流程或程序达成一致。
中国监管机构必须改善协
调性和透明度，减少不确
定性，增强市场信心。

//////

亚洲证券业与金融市场协会草案 — 2013 年 6 月 5 日

22Regulation of
Financial Markets

China’s financial
regulatory authorities
must become moretransparent whendrafting andimplementing new
regulations.

ASIFMA — June 2013

Chinese regulators
implement bylaws that
foster greater regulatorytransparency andconsistency, genuine
market consultation
processes, ample
notification of new
regulations and sufficient
time for public comment.

the financial services sector
has generated a substantial
amount of uncertainty, tothe detriment of China’s
markets and market
participants.
A large number ofregulatory and quasiregulatory bodies govern
the financial services sector
in China, each with its own
priorities and processes.
Notification of regulatorychanges across these
institutions is inconsistent,
and the complex approval
processes for new products
or licenses continue tosuffer from the absence of acoordinated regulatory
approach. To make mattersworse, rules are often
unclear, reasons for denial
or approval are not widelydisclosed, and in some cases
the rules themselves are notpublicly available. At times
it is not even clear which
regulator’s approval isrequired, and sometimes
regulators themselves
disagree about approval
processes or procedures.
China’s regulatory agencies
must increase theircoordination andtransparency to reduce
uncertainty and foster
confidence in the market.

25