Chinanews.com, August 18th. According to the website of the central bank, recently, the People’s Bank of China, the National Development and Reform Commission, the Ministry of Finance, the China Banking Regulatory Commission, the Securities Regulatory Commission and the Foreign Exchange Administration jointly issued the "About Promoting the Reform and Opening up of the Corporate Credit Bond Market for High-Quality Development" "Guiding Opinions" (hereinafter referred to as "Opinions").
Among them, it is clear that we will uphold a "zero tolerance" attitude and seriously investigate and deal with various debt evasion behaviors in accordance with the law.
The "Opinions" pointed out that in recent years, my country's corporate bonds, non-financial corporate debt financing instruments, corporate bonds and other corporate credit bond markets have developed healthily and rapidly, and have played an important role in serving the real economy, optimizing resource allocation, and supporting macro-control.
Further promoting the reform and opening up and high-quality development of the corporate credit bond market will help smooth the circulation of the national economy, promote economic transformation and structural adjustment, and support the acceleration of the establishment of a new development pattern.
The "Opinions" improve the legal system, promote the convergence of issuance and transaction management classification, improve the effectiveness of information disclosure, strengthen the supervision of credit rating agencies, strengthen the management of investor suitability, improve the pricing mechanism, strengthen supervision and unified law enforcement, coordinate macro management, and promote multi-level Ten aspects, including market construction and expansion of high-level opening, put forward specific opinions on promoting the reform and opening up and high-quality development of the corporate credit bond market.
The "Opinions" emphasized that it is necessary to continue to consolidate the legal basis for corporate credit bonds and promote the research and formulation of corporate bond management regulations.
In accordance with the principle of classification and convergence, promote the gradual unification of various rules and standards such as corporate credit bond market issuance, trading, information disclosure, and investor protection.
Bond issuance should conform to the country’s macroeconomic development and industrial policies.
Structured bond issuance is prohibited.
Adhere to the principle of "sellers do their responsibilities, buyers conceit", and guide investors to improve their risk identification capabilities.
Explore the class action and settlement system of the parties.
The "Opinions" require strict implementation of the Budget Law and its implementation regulations, clarify the boundaries of the responsibilities of the government and enterprises, and distinguish the credit boundaries of different entities such as the government, policy financial institutions, state-owned enterprises, and local government financing platforms. Repay, at your own risk, and prevent hidden debt risks of local governments.
Cooperate with judicial organs to severely punish the issuer’s controlling shareholders and actual controllers for infringement of the issuer’s assets and other violations of laws and regulations.
Adhere to the "zero tolerance" attitude, and strictly investigate and deal with all kinds of debt evasion behaviors in accordance with the law.
The "Opinions" clarified that the construction of the multi-level bond market should be coordinated, the product tool lineage should be improved, the team of qualified investors should be expanded, and the multi-level transaction service system should be enriched and developed.
Establish a nationwide centralized and unified registration and settlement system in accordance with the law, adhere to an inclusive system arrangement that focuses on primary custody and is compatible with multi-level custody, and supports and encourages banks to handle the settlement of bond transactions.
Coordinate and simultaneously promote the opening of the inter-bank bond market and the exchange bond market, unify the access of foreign institutional investors in the bond market and cross-border management of funds, and jointly establish a good image of unified openness.
In the next step, the People’s Bank of China, the National Development and Reform Commission, the Ministry of Finance, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, and the foreign exchange bureau will continue to work together to promote the implementation of the "Opinions" measures, in order to coordinate macro management and effectively prevent and resolve risks. On this basis, actively promote reform and innovation, steadily expand two-way opening, and continuously improve the ability and level of the corporate credit bond market to serve the real economy.