ABSTRACT
The corporate bond market includes a range of debt instruments, and developing the market for these instruments is something that we have wanted to do for quite some time. We made mistakes in trying to grow this business in the past, which led to an extremely depressed market that has not yet re-emerged. Our development of corporate bonds has therefore been quite a bit slower than the development of other financial instruments. This makes it difficult for us to take full advantage of China’s relatively high savings rate, and the fairly large percentage of M2 to GDP (the broad measure of money supply as a percentage of GDP). These things are not playing the role that they could play in growing the national economy.
