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The Central Bank Answered Reporters' Questions On The Management Measures Of Non-Financial Corporate Debt Financing Instruments In The Inter-Bank Bond Market.

2008/4/14 10:55:00 15

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The Central Bank Answered Questions About The Relevant Issues Concerning The Management Of Non-Financial Corporate Debt Financing Instruments In The Inter-Bank Bond Market.

A few days ago, the people's Bank of China issued the "administrative measures for debt financing instruments of non-financial enterprises in the inter-bank bond market" (hereinafter referred to as "management measures").

The relevant person in charge of the people's Bank of China replied to reporters' questions on Relevant Issues of the "management measures".

Q: Why did you publish the "management measures"?

A: the 17th CPC National Congress and the eleven National People's Congress stressed that we should speed up the reform of the administrative system, actively pform the functions of the government, and attach importance to the role of trade associations, chambers of Commerce and other social organizations.

The formulation and issuance of the "management measures" is a concrete move taken by the people's Bank of China to implement the spirit of the 17th CPC National Congress, thoroughly implement the Scientific Outlook on Development and further pform the functions of the government. It marks a significant change in the management mode of the inter-bank bond market.

Since the establishment of interbank bond market, we have focused on cultivating all kinds of institutional investors in accordance with the development mode of OTC market.

In promoting product innovation and market infrastructure construction, PBC emphasizes the role of market participants and gradually forms a market operation mechanism combining government function supervision with market self-discipline management.

In order to further implement the spirit of the CPC Central Committee and the State Council Concerning the pformation of government functions, entrust or pfer functions that are suitable for trade associations to trade associations and establish a system of government procurement of trade association services, learn from international experience, strengthen market self-discipline management, and promote the development of bond market. By the State Council's approval and the Ministry of civil affairs registration, the inter bank market dealers association of China (hereinafter referred to as the Dealer Association) was established in September 2007.

At present, the Dealer Association has the basic conditions for organizing market members to develop products and strengthen market self-discipline management. The people's Bank of China has begun to pfer the functions of market discipline to the dealers association. In the future, the dealers association will extensively draw the wisdom of market participants according to the characteristics of interbank market based on institutional investors, and further exercise self-regulation functions in promoting product innovation and regulating market operation.

Therefore, the formulation of this "management method" highlights the spirit of the pformation of government functions, highlights the basic role of the market in the allocation of financial resources, and makes clear that the association of traders as a member of the market should play its due role in organizing the market players to develop and manage direct financing products, and emphasizes that the Dealer Association should strengthen the self-discipline management of the registration, distribution, trading, information disclosure and intermediary services of non-financial enterprises' debt financing instruments.

Q: in 2005, the people's Bank of China promulgated the "short term financing coupons management measures", expanding the channels for enterprises to directly finance.

What is the relationship between the management measures promulgated and the management measures for short-term financing bills?

A: for a long time, China's financial structure is unbalanced, direct financing is not developed, and enterprises rely heavily on bank loans.

In order to implement the requirements of "nine countries" on "vigorously developing the capital market and raising the proportion of direct financing, and actively and steadily developing the bond market", the people's Bank of China issued the "short-term financing bonds management measures" in May 2005, supporting enterprises to issue short-term financing coupons in the inter-bank bond market, with a view to broadening the channels for direct financing of enterprises.

By the end of 2007, in less than three years, 316 enterprises had issued 769 billion 300 million yuan of short-term financing certificates, with a balance of 320 billion 300 million yuan.

This shows that short term financing coupons are a popular financing product.

One important experience is to follow the law of market development, abolish administrative examination and approval, implement archival management, emphasize issuers' information disclosure, fulfill the responsibilities of intermediaries, and take risks from institutional investors, and pay attention to cultivating and exerting market constraints.

It can be said that the development of short term financing coupons has laid the foundation for the introduction of corporate debt financing instruments.

Short term financing bonds are a kind of corporate debt financing instruments. The management measures cover the contents of the short-term financing coupons management measures.

Therefore, after the formal implementation of the management measures, the management measures for short-term financing bills and their supporting documents will be terminated.

Q: what is the main point of the management measures?

First, the management method distinguishes between financial enterprises and non-financial enterprises, stipulates the debt financing of non-financial enterprises in the inter-bank bond market, and the financing behavior of financial enterprises in the inter-bank bond market is still in line with the relevant provisions of the current regulations.

Secondly, the people's Bank of China pfers the self regulatory and routine procedural matters in debt financing management to the Dealer Association to implement self-discipline management.

The "management measures" clearly stipulates that enterprises issuing debt financing instruments should be registered with Dealers Association.

This is a specific measure to pform the functions of the government, to entrust or pfer the functions that are suitable for the trade associations to the trade associations, and is also a common practice for the mature market economy countries to manage the bond market.

　　第三，鼓勵市場參與主體自主創新，改變政府創新產品并管理產品的模式。在我國債券市場發展初期，政府主導創新有一定的必要性，但長遠來看，必須充分調動市場主體的積極性，市場參與主體的主動創新才能夠充分反映市場發展的內在需求，才是市場發展的客觀基礎。《管理辦法》提煉了創新產品的共性，確立了市場主體應遵守的基本準則，明確了監管部門、自律組織、中介機構的職責，為市場參與主體進行自主創新建立了制度框架。今后，凡是市場有客觀需求，市場參與主體自主研發的各類創新產品均可采用交易商協會注冊、監管機構備案的方式，不再逐項進行行政審核。<