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《Research on the Generalized Virtual Economy》 2016-01
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The Evolution,Development and Reform of China's Bond Market under the New Normal

WU Peng;School of Economics and Business Administration ,Beijing Normal University;  
With the development of China's economy into the new normal, the bond market is faced with new opportunities and challenges. In this paper, we start from the historical background of development of China's bond market, reviewing the bond market from 1949 to 2014 from its innovation, internationalization and standardization. We point out that China's bond market is facing new challenges under the new normwith respect to the infrastructure of the bond market, the internal coordination and the participation of the governance and regulatory system. We believe that the establishment of bankruptcy repayment mechanism, the improvement of managed settlement system and the reform of the bond market supervision system are the direction of China's bond market in the future. Also, it is the necessary precondition and system guarantee of constructing the multi-level capital market in China. In the end, it is the inevitable stage for China to change from the capital country into the capital-power country.
【Fund】: 社科重点基金项目《推进我国资本市场的改革、规范和发展研究》(14AZD035)的资助
【CateGory Index】: F832.51
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