国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Amid increasing financing needs of domestic enterprises, China has been urged to simplify the official review of corporate-bond issues and allow a wider range of players and trading products.

Bank loans are still a major financing resource for domestic enterprises, but the bond market has much bigger potential for growth based on strong demand, said Yang Hongming, executive director and vice-president of Beijing Datang Power Generation.

Yang's company, listed in Hong Kong and New York, has already acquired 80 billion yuan (US$9.7 billion) in credit lines from banks.

It is also planning an A-share initial public offering on the mainland, but Yang told China Daily that bond issuance, a more economical financing channel, is an inevitable medium-term target for the company.

"We hope the authorities can pass on bond-issue power to the market so that every company will get an equal chance and shoulder its own risks," he said.

While the stock market has been expanding rapidly, the underdeveloped corporate bond market has to secure government approval for each new bond issue; and the types of investors are very limited.

It often takes several months for the National Reform and Development Commission (NRDC) to complete the review of application documents and another few months for the State Council to give the final approval.

NRDC has been in the process of amending the regulation on corporate bonds for years, but there is no timetable as to when it would be announced..

Permission is usually granted to large infrastructure construction projects and big State-owned enterprises, while smaller and private businesses are blocked out.

This has led to the small size of the market, around 50 billion yuan (US$6 billion) in new issues this year, only a fraction of the overall bond market dominated by treasury and financial bonds.

But the potential investor demand is big in China, which has more than 10 trillion yuan (US$1.2 billion) of savings, said Anita Fung, treasurer and co-head of global markets, Asia-Pacific at HSBC.

If the country wants to further develop the bond market, it also needs to come up with more hedge products, she said, adding that credit-rating services also have to catch up if bond issues are to be market-driven.

Once the corporate bond market opens wider, the demand for professional credit rating, which informs investors of potential risks, will also grow, said Michael Ye, managing director, China financial markets, Moody's Asia Pacific.

The legal framework should also be consolidated, such as the bankruptcy law and rules that ensure protection of creditors and clarify the obligation of debtors, he said.

Close

Today's Top News		Top Business News
+Price index rises to six-year high ( 2003-12-12) +Furniture makers confident US dumping charges doomed ( 2003-12-12) +Premier: Visit to US important, successful ( 2003-12-12) +Zhuhai Prostitution hearing under way ( 2003-12-12) +New epidemic monitoring rules adopted ( 2003-12-12)		+Govt urged to liberalize corporate-bond market ( 2003-12-13) +100 property rights exchanges established in China ( 2003-12-13) +Go West, but slowly say experts ( 2003-12-13) +China concerned about US anti-dumping furniture probe ( 2003-12-12) +Domestic air fares about to climb ( 2003-12-12)