China News Service, December 24. According to the People’s Bank of China website news, Pan Gongsheng, the vice governor of the People’s Bank of China, recently revealed that the People’s Bank of China will work together with relevant departments, academia, and the industry to promote the improvement of the bond market legal system and comprehensively improve the rule of law in the bond market. We have zero tolerance for illegal behaviors in the bond market, continuously consolidate the credit foundation of the bond market, and promote the healthy and stable development of the bond market.
On December 22, the People's Bank of China organized a symposium on the legal construction of the bond market. The meeting was presided over by Pan Gongsheng, a member of the People's Bank of the Party Committee and Vice Governor.
Responsible comrades from the Supreme People's Court, the National Development and Reform Commission, the Ministry of Justice, the China Banking and Insurance Regulatory Commission, the Securities Regulatory Commission and the Dealers Association, as well as relevant legal experts, lawyers, and representatives of market institutions attended the meeting.
The meeting objectively analyzed the legal status of the bond market in my country, focusing on the application of the basic law of the bond market, the path to improve the bond market legal system, the trial of bond disputes in the operation of the bond market, the unified enforcement of the bond market, and the protection of bond investors in the process of bankruptcy procedures. In-depth exchanges and discussions were conducted on key issues of bond market legal system construction such as information disclosure and prevention of malicious evasion of debt by bond issuers.
Pan Gongsheng pointed out that the bond market has developed well in recent years and has become the most open and dynamic part of my country's financial market system. It has played an important role in increasing the proportion of direct financing, improving the efficiency of market resource allocation, and serving the real economy.
At the same time, due to the short history and rapid development of my country’s bond market, some basic laws have not yet fully considered the characteristics of bonds, and the legal system of the bond market is relatively inadequate. Therefore, it is necessary to accelerate the promotion of the shortcomings of the legal system.
Pan Gongsheng emphasized that in the next step, the People’s Bank of China will work together with relevant departments, academia, and the industry to resolutely implement the Central Economic Work Conference’s decision-making and deployment on improving the bond market legal system and promoting the healthy development of the capital market. It will be guided by the problems in the legal construction of the bond market. Promote the improvement of the bond market legal system, comprehensively improve the level of the rule of law in the bond market, zero tolerance for illegal behavior in the bond market, continue to consolidate the credit foundation of the bond market, and promote the healthy and stable development of the bond market.