world of tanks power leveling the proportion of direct financing in China is low - OCN

Recently, members of the National Committee of Tan kaijia proposed in the proposal to further accelerate the development of China's bond market. Proposal notes that "Twelve-Five" the plan stated, to a positive development of the debt market world of tanks power leveling, significantly increase the proportion of direct financing. In recent years, the reform and development of China's bond market has made tremendous progress, bonds on the market share of the GDP is the totalRose above 50%, direct financing proportion of debt financing has more than 70%, but with the United States and other developed countries, the proportion of direct financing in China is low, too dependent on bank credit financing structure, highly concentrated market risk in the banking system, bond market risks in the real economy, decentralization of financial services play a basic role is not enough, especially the bond marketThere are still a number of deep-seated problems unsolved, restricting its financial function and resource allocation functions effectively. Proposal pointed out that the main problems of the current bond market, first investors ' irrational structure, second wot power leveling, bond market pricing benchmark functions cannot make full use of financial products and the third is unified regulatory framework and supervisory standards, four are segmented market and infrastructure, fiveIs poor credit rating agencies credibility, six refers to the laws and regulations to limit bond issuance and market-oriented pricing. Tan kaijia pointed out that domestic and foreign practice shows that developed bond markets conducive to improving China's financing structure, optimizing the allocation of marketing resources, conducive to effectively promote the transformation of savings into investment, reduced financial system risk. In addition wot power leveling, the proposal believe that the positive development of the debtMarket, improve the issue management system, promote innovation and diversification of bond varieties "Twelve-Five" during the important goal of deepening the financial system. ����Problems in China's bond market, proposals put forward six suggestions. First, the cultivation of diversified bond investors, gradually break to commercial banks as the main theme of investor structure, reduction of administrative control, insuranceAnd other non-bank financial institutions according to their appetite for risk and market conditions for independent investment. Actively cultivate a bond fund, development of bond rating Fund, Bond ETF Fund and other innovative products. Encourage enterprise annuity, pension, private investment funds, private capital investments, such as bonds. Enlarge bond market wider to the degree, raising the QFII investment bond market quotaAnd promoting diversified investment main body of market participation. Secondly, promoting bond product innovation and diversification, improve the bond yield curve, taking into account the timely launch of inflation-protected treasuries of the function of products, the introduction of government bond futures. Devoting major efforts to developing high-yield bonds, meeting the financing needs of different investor risk appetite, resolving civil usury rate lending risk, deepening of credit derivativesThe exhibition, providing investors with the true meaning of risk hedging instruments. Third, strengthen the bonds of financial product pricing benchmark functions. ����At this stage we need to focus on strengthening the liquidity of government bond market, perfect holder structure and the yield curve of Treasury bonds, gradually strengthening the bond yield curve in our financial products role benchmark pricing. IV, concept of consolidated supervision and regulationShall prevail. Development of the bond market should continue to adhere to market-oriented reform of defence, market main body and regulators perform their respective duties, self-regulation, and formation of unified planning for the development of the bond market as soon as possible, centralized supervision concept step by step. ����Bond supervision established the laws and regulations, uniform issuance conditions, disclosure requirements and other regulatory standards. V, speeding up the interconnection of the two markets, perfecting baseConstruction of Foundation facilities. Interbank market as clearly for all OTC market of qualified institutional investors, exchange market for all types of investors in the field of marketing, and on that basis functions, allows cross-market movements market elements, achieve the investors the freedom to choose markets and trades, issuers choose issue market, strengthen the bond market infrastructureConstruction claims towards registration of trading, clearing, managed high performance connection and integration of the system of management. VI, fostering independent credit rating agencies. Consolidated supervision of credit rating industry standards, integrated management system, actively cultivating independence and authority of the credit rating agencies, recommends strengthening the consolidated supervision of credit rating companies, specifying the classification standards of the industry-wide unified, unifiedRating scale, adverse and avoid vicious competition and enhance credibility ratings.