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Bond system reforms set
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China will further deepen reform of the enterprise bond registration system in line with the new Securities Law, the National Development and Reform Commission said yesterday.
In recent years, the commission has taken measures on the prevention and resolution of major risks, and has attached great importance to the risk prevention of enterprise bonds, according to Meng Wei, spokeswoman for the commission.
The NDRC has insisted that funds of enterprise bonds must be linked to certain projects to ensure their efficient use.
Meanwhile, it has enhanced communication and coordination with the People’s Bank of China, the Securities Regulatory Commission and other relevant departments, promoted information disclosure and unified law enforcement, optimized the system, and jointly guarded against and defused potential risks in the bond market.
The NDRC has boosted coordination with local governments, setting up efficient working coordination mechanisms.
In general, the risk prevention work of enterprise bonds is in a good condition, Meng said. To date, the cumulative defaults in China’s enterprise bonds amounted to 8.14 billion yuan (US$1.2 billion), accounting for only 0.2 percent of the overall stock of enterprise bonds, which was the lowest level among debenture bonds, playing a positive role in promoting the stable and healthy development of the bond market.
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