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\u3000\u3000\u52a0\u5927\u653f\u7b56\u6027\u91d1\u878d\u503a\u5238\u652f\u6301\u91cd\u5927\u9879\u76ee\u5efa\u8bbe\u529b\u5ea6\u3002<\/font><\/font>\u4f9d\u636e\u300a\u63aa\u65bd\u300b\uff0c6\u6708\u7684\u56fd\u52a1\u9662\u5e38\u52a1\u4f1a\u8bae\u63d0\u51fa\uff0c\u53d1\u884c\u653f\u7b56\u6027\u91d1\u878d\u503a\u5238\u7b49\u7b79\u8d443000\u4ebf\u5143\uff0c\u7528\u4e8e\u8865\u5145\u5305\u62ec\u91cd\u5927\u9879\u76ee\u8d44\u672c\u91d1\u6216\u8005\u4e13\u9879\u503a\u5238\u8d44\u672c\u91d1\u642d\u6865\u3002\u524d\u671f\u5df2\u51fa\u53f0\u8c03\u589e\u653f\u7b56\u6027\u94f6\u884c8000\u4ebf\u5143\u4fe1\u8d37\u989d\u5ea6\u653f\u7b56\u3002\u4e24\u9879\u653f\u7b56\u6709\u671b\u63d0\u9ad8\u5730\u65b9\u653f\u5e9c\u4e13\u9879\u503a\u5238\u7684\u6760\u6746\u6548\u5e94\uff0c\u7f13\u89e3\u9879\u76ee\u8d44\u672c\u91d1\u4e0d\u8db3\u6216\u8005\u914d\u5957\u8d44\u91d1\u8ddf\u4e0d\u4e0a\u7b49\u95ee\u9898\u3002\u4e0a\u534a\u5e74\uff0c\u653f\u7b56\u6027\u91d1\u878d\u503a\u5238\u53d1\u884c\u91cf\u540c\u6bd4\u51cf\u5c11\u7ea62000\u4ebf\u5143\u3002\u4e0b\u534a\u5e74\uff0c\u8981\u521b\u65b0\u3001\u4e30\u5bcc\u653f\u7b56\u6027\u91d1\u878d\u503a\u5238\u7684\u4e13\u9879\u54c1\u79cd\uff0c\u6269\u5927\u53d1\u884c\u89c4\u6a21\uff1b\u5e94\u505a\u597d\u8d44\u672c\u91d1\u4e13\u9879\u503a\u7684\u9879\u76ee\u7b5b\u9009\u548c\u98ce\u9669\u7ba1\u63a7\u5de5\u4f5c\uff0c\u5904\u7406\u597d\u8d44\u672c\u91d1\u4e13\u9879\u503a\u503a\u52a1\u5c5e\u6027\u548c\u9879\u76ee\u8d44\u672c\u91d1\u6743\u76ca\u5c5e\u6027\u7684\u5173\u7cfb\u3002<\/font><\/p>\n 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\u3000\u3000\u25c7\u672c\u6587\u539f\u8f7d\u300a\u503a\u5238\u300b2022\u5e747\u6708\u520a<\/p>\n \u3000\u3000\u25c7\u4f5c\u8005\uff1a\u949f\u8a00<\/font><\/p>\n \u3000\u3000\u25c7\u8d23\u4efb\u7f16\u8f91\uff1a\u9648\u68ee \u9e7f\u5b81\u5b81<\/font><\/p>\n \u3000\u3000To Promote Bond Market Development and Support the Overall Economy<\/font><\/p>\n \u3000\u3000Zhong Yan<\/p>\n \u3000\u3000The State Council issued A Package of Policy Measures to Stabilize the Economy \uff08hereinafter referred to as the Measures\uff09 in late May\uff0c many of which are related to the bond market\uff0e In the first five months of this year\uff0c net financing via bond issuance at CCDC by various types of entities rose by 46% year on year to RMB4.1 trillion\uff0e In the second half of the year\uff0c CCDC will continue to work together with the relevant authorities\uff0c and do its best to put the policy measures into practice to stabilize the overall economy\uff0e<\/p>\n \u3000\u3000Improving the utilization efficiency of the proceeds from local government special-purpose bonds\uff0e<\/font><\/font> The Measures<\/font> called for accelerating the issuance and use of local government special-purpose bonds as well as expanding the scope of support\uff0e In the first half of the year\uff0c a total of RMB3.4 trillion worth of local government special-purpose bonds were issued\uff0c generally achieving the issuance mission as scheduled\uff0e The priority in the second half is to utilize the bond proceeds fully and efficiently\uff0e To this end\uff0c on the basis of quality control\uff0c more projects that are in line with the new development philosophy should be included in the special-purpose bond project library\uff0c and the bond proceeds should be applied to the areas of greatest priorities\uff0e A full-process dynamic system for special-purpose bond proceeds should be established to monitor the use of the proceeds\uff0c so as to prevent such proceeds from being held back\uff0c appropriated or left idle\uff0e The performance appraisal of the use of proceeds should be improved and applied to the entire process of raising\uff0c utilizing\uff0c managing and repaying\uff0e<\/font><\/p>\n \u3000\u3000Enhancing support for major projects with policy bank bonds\uff0e<\/font><\/font> According to the Measures<\/font>\uff0c the State Council executive meeting in June proposed the issuance of RMB300 billion worth of policy bank bonds to replenish the capital of major projects or special-purpose bonds\uff0e The credit quota of policy banks had already been by RMB800 billion previously\uff0e These two policies are expected to increase the leverage effect of local government special-purpose bonds\uff0c and address issues related to inadequate project capital or matching funds\uff0e In the first half of the year\uff0c the issuance of policy bank bonds fell by approximately RMB200 billion year on year\uff0e In the second half\uff0c there should be a more diverse range of innovative special-purpose policy bank bonds\uff0c and the issuance amount is expected to increase\uff0e Project selection and risk management for capital special-purpose bonds should be carried out\uff0c and the relationship between the creditor-debtor attribute and the beneficial ownership of capital special-purpose bonds should be properly handled\uff0e<\/font><\/p>\n \u3000\u3000Using capital replenishment bonds to improve commercial banks\u2019 credit capacity\uff0e<\/font><\/font> The Measures<\/font> encouraged banks to defer interest and principal payments for some loans\uff0c and to increase support for inclusive small and micro loans\uff0e Expanding the issuance of capital replenishment bonds and boosting bank capital can help release the lending potential of banks and increase their willingness to lend\uff0e In 2021\uff0c the Chinese version of total loss-absorbing capacity \uff08TLAC\uff09 was implemented\uff0c placing new requirements on capital management for big banks\uff0e As economic growth slows\uff0c small and medium-sized banks are confronted with loss absorption and other capital replenishment pressure\uff0e To improve the credit capacity of banks\uff0c the issuance of perpetual bonds\uff0c Tier-2 capital bonds and TLAC debt instruments should be raised\uff0c and the amount and frequency of central bank bills swaps \uff08CBS\uff09 can also be increased to appropriately\uff0e Efforts are also necessary to improve the liquidity of the perpetual bonds\uff0c promote the normalization of NPL asset securitization from the current trial basis and reduce the NPL pressure for banks\uff0e<\/font><\/p>\n \u3000\u3000Leveraging the advantages of corporate credit bonds in directly supporting the real economy\uff0e<\/font><\/font> The Measures<\/font> called for greater funding support for \u201csannong\u201d \uff08rural areas\uff0c farmers and agriculture\uff09\uff0c small and micro enterprises\uff0c green sectors\uff0c as well as the innovation and entrepreneurship sectors\uff0e After loans\uff0c corporate credit bonds are the second largest channel for financing the real economy\uff0c and can provide direct support\uff0e The issuance special enterprise bonds could be expanded by leveraging the \u201c1+1+17\u201d structure of enterprise bond varieties so that the twin effects of steady growth and structural adjustment of enterprise bonds may be brought into play at the same time\uff0e Efforts can also be made to explore high yield bonds as a pilot program\uff0c explore the \u201cissuer pays while investors choose by voting\u201d intermediary agency selection model\uff0c and use new risk disclosure entities and measures\uff0c so as to facilitate financing for technological innovation and private enterprises\uff0e<\/font><\/p>\n \u3000\u3000Using Shanghai Free Trade Zone \uff08FTZ\uff09 offshore bonds to expand cross-border financing channels for enterprises\uff0e<\/font><\/font> The Measures<\/font> stated that enterprise financial channels should be further expanded so that eligible enterprises can carry out offshore debt facility quota pilots\uff0e The Shanghai FTZ offshore bond business provides a new cross-border channel for enterprises under the enterprise foreign debt management framework\uff0e It is compatible with domestic regulatory rules and international business practices\uff0e The Shanghai FTZ onshore and offshore market advantages can be further leveraged on the policy front\uff0c and enterprises may be encouraged to engage in cross-border financing by issuing FTZ offshore bonds so as to achieve effective allocation of both domestic and overseas resources\uff0e<\/font><\/p>\n \u3000\u3000This article was first published on Bond Monthly \uff08Jun.2022\uff09\uff0ePlease indicate the source clearly when citing this article\uff0e The English version is for reference only\uff0c and the original Chinese version shall prevail in case of any inconsistency\uff0e<\/p>\n \u3000\u3000\u25c7 Editors in charge\uff1aChen Sen\uff0c Lu Ningning<\/font><\/p>\n","protected":false},"excerpt":{"rendered":" \u3000\u3000\u503a\u5238\u6742\u5fd7 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