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Developing the Bond Market in China: the Next Step Forward in Financial Reform

Author

Listed:
  • Michel Aglietta
  • Pierre Maarek

Abstract

The long haul across capital-intensive growth in China will gradually come to an end. As a “silent revolution”, the financial reform taking place is laying the foundations for a modern market economy, in which the efficient allocation of capital should ensure a steady growth rate. Supported by accumulated savings and current regulatory reforms, this transformation entails new responsibilities for the State and the need for a social security setting up the mutual sharing of economic and social risks. The development of corporate bond markets and the diversification of external finance for the business sector are conditional on the emergence of a broad and liquid public bond market. Its supply will arise from public expenses, and its demand from the growth of powerful institutional investors.

Suggested Citation

  • Michel Aglietta & Pierre Maarek, 2007. "Developing the Bond Market in China: the Next Step Forward in Financial Reform," Economie Internationale, CEPII research center, issue 111, pages 29-53.
    • Handle: RePEc:cii:cepiei:2007-111b
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    File URL: http://www.economieinternationale.fr/IE/rev111/rev111b.htm
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    Citations

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    Cited by:

    1. Jun Jiang & Komain Jiranyakul, 2013. "Capital Structure, Cost of Debt and Dividend Payout of Firms in New York and Shanghai Stock Exchanges," International Journal of Economics and Financial Issues, Econjournals, vol. 3(1), pages 113-121.
    2. Hsu Sara & Carolina Alba & Simon Melchor, 2016. "China’s structural transformation: reaching potential GDP in the financial services sector," China Finance and Economic Review, De Gruyter, vol. 5(2), pages 37-57, June.

    More about this item

    Keywords

    Investors; market liquidity; pension; public expenditures; saving; capital market;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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