Debt Capital Markets in China
Wiley Finance, Band 323 1. Aufl.
An in-depth look at China’s burgeoning capital markets Author Jian Gao is the number one authority on fixed income markets in China, and with this book, he brings his considerable experience and knowledge about these markets to investors worldwide. For those interested in becoming active in China’s growing fixed income markets, Debt Capital Markets in China is the book you need to get started. It includes coverage of the primary and secondary markets, government debt instruments, corporate bonds, the collateralized bond market, and asset-backed securitizations. Debt Capital Markets in China also examines the developing market trends, which affect investors and institutions looking to make the most of this incredible financial opportunity. Dr. Jian Gao, PhD (Beijing, China) is the Vice Governor of China Development Bank (CDB).
Foreword. Preface. Acknowledgements. Introduction. PART ONE: Bond Market: Theory and Practice. Chapter 1. Theory of Institutional Economic Engineering in China. Chapter 2. The Practice. PART TWO: The Emergence of a Primary Market. Chapter 3. Primary Market for Treasury Bond Transactions. Chapter 4. Issuing Methods and Practices around the World. Chapter 5. Path to a Cost-Efficient Treasury Bond Market. Chapter 6. Evaluation of Treasury Bond Issuance in China. PART THREE: Emergence of a Secondary Market. Chapter 7. History of China's Secondary Bond Market. Chapter 8. Secondary Market: Operational Issues and Role of Participants and Financial Intermediaries. Chapter 9. Treasury Bond Investment Fund. Chapter 10. Treasury Bond Repurchase Market. PART FOUR: Policy Issues. Chapter 11. Treasury Bond Market and Open Market Operations. Chapter 12. Government Debt Policy and Macroeconomics. Chapter 13. Government Policy on Debt Instruments and Term Structure. Chapter 14. Impact of Government Policy on Term Structure of Interest Rates. Chapter 15. Types of Bonds. Chapter 16. Government Policy on the Holding Structure of Treasury Bonds. PART FIVE: Organization and Legal Structure. Chapter 17. Organizational Structure and Institutional Arrangement of the Treasury Bond Market. Chapter 18. Legal Framework of the Capital Debt Market (Part One). Chapter 19. Legal Framework of the Capital Debt Market (Part Two). Chapter 20. Regulation and Deregulation Related to Bond Market Risk Management. PART SIX: The International Market. Chapter 21. Foreign Debt Issuance. PART SEVEN: The Non-Government Securities Market. Chapter 22. Structure of the Non-Government Bond Market. Chapter 23. Financial Debentures and the China Development Bank's Financial Innovation. Chapter 24. Development of China's Corporate Bond Market. Chapter 25. Asset Securitization of the China Development :Bank. PART EIGHT: The Debt Capital Market. Chapter 26. Debt Capital Market and the Macroeconomy. Chapter 27. Size of Government Debt. Chapter 28. Debt Capital Market as a Stage of Financial Revolution. Chapter 29. Development of the Chinese Government Bond Market. Postscript. Appendix A. Laws and Regulations Governing Financial Debentures the Federal Reserve of New York on August 3, 2004. Endnotes. Index.
Dr. Jian Gao is the Vice Governor of China Development Bank (CDB). Before moving to CDB, he worked in different Departments of the Ministry of Finance for sixteen years. Throughout his career, Dr. Jian Gao has made many outstanding contributions to the formation of China's Treasury bond market and has led a transition of CDB's issuing format from administrative placement to market-oriented selling. Over the years, he has introduced new instruments in the market and initiated a series of financial innovations to boost its liquidity. He attended Beijing University of Political Science & Law for graduate studies, received his PhD in economics at the Institute of Public Finance, and was a Post-Doctoral Fellow at Harvard University.
As China's financial markets become increasingly integrated with those of the rest of the world, it is essential that investors and financial institutions alike gain a greater understanding of these markets—especially China's bond market, which has become an encouraging example of the country's financial transformation. If you're interested in the economic development of China and are thinking about participating in this country's growing fixed income market, Debt Capital Markets in China can show you how. Written by Dr. Jian Gao, the Vice Governor of the China Development Bank—one of the major bond issuers in China—and the driving force behind many of the innovations in China's fixed income market, this book skillfully examines the history and development of China's contemporary debt capital market. Throughout these pages, Dr. Jian Gao combines his real-world experiences in the field of finance with more than fifteen years of research into China's treasury and banking systems. The result is a focused, yet comprehensive look at the current and future prospects of debt capital markets in China. Divided into eight information-packed parts, this well-rounded guide: Provides an overall sketch of China's financial markets—from a theoretical and practical perspective—and how the bond market fits into it Covers the development of both the primary and secondary bond markets in China as well as the relationship between the two Discusses the effect of government policies on the Chinese economy and its fixed income market Explores the organizational and legal structure of China's bond market Outlines the issues surrounding China's position on foreign debt issuance Delves into non-government bond instruments, including those that can be found in the corporate bond and financial debenture markets Although Asia's debt capital markets are generally underdeveloped, China has made great strides in this field. In only five years, China has established a solid framework for its contemporary bond market—an achievement that has as much to do with its institutionally based efforts as it does with the individuals who have methodically worked to win financial reforms. Filled with in-depth insights and expert advice, Debt Capital Markets in China will help you turn the financial potential of China's bond market into a profitable reality.
Praise For Debt Capital Markets In China "Finally we have an English-language book with in-depth coverage of bond markets in China. Dr. Jian Gao's academic research and experiences as regulator as well as practitioner of bond markets in China provide international readers with a rare opportunity to understand the core of China's financial system, especially when China transitions from the planned economy to the market economy. This book is highly recommended from me!" —Joonkee Hong, Managing Director and Head of Global Finance, Asia Pacific, Lehman Brothers Asia Limited "Dr. Jian Gao's work on China's bond market is a seminal piece that sets the stage for what will surely become one of the world's most important bond markets. First as a regulator, and now as an issuer, Gao has succeeded in chronicling the market's history, explaining its complexity and identifying some of the issues that would need to be resolved to move the market forward and ensure its continued future success." —Daniel Yu, Editor in Chief, The Asset "This book makes abundantly clear why Dr. Jian Gao is and always will be known as the 'Father of China's Bond Market.' Dr. Jian Gao was present at the creation and adopted extremely innovative, market-based solutions for China's nascent bond market. Debt Capital Markets in China is a highly unique melding of theory and practice told from a rare insider's perspective in China." —Mark T. Fung, PhD, International Finance Attorney
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