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China must develop its bond market: deputies

(Xinhua)
Updated: 2007-03-08 15:04

"Take Wuxi Suntech Power Co for example. Despite all the money available in the domestic market for corporate financing, the company had to seek out private overseas funds in order to be able to list," Ni said. "If Wuxi Suntech had been able to issue corporate bonds, that would have been a much more satisfactory solution."

"We are working on a mechanism to make it easier for companies to issue bonds," said Zhu Congjiu, general manager of the Shanghai Stock Exchange.

According to the third national financial work conference concluded in January, the China Securities Regulatory Commission will supervise corporate bond issues and the National Development and Reform Commission will examine SOE bonds related to fixed assets investment.

But it is not yet clear who will have the final responsibility for developing the bond market.

"I think we should set up a consolidated supervision mechanism and I think securities regulatory organs should play a leading role in it," said Zhu.

Earlier reports said that Chinese corporate bond issues will approach 160 billion yuan in 2007 - up a whopping 55 percent on the 2006 figure of 101.5 billion yuan.

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