本文主要讲述市场利率，目前的利率上限(不超过现行银行贷款利率的40%)和最低信用评级(大多数发行为AAA级)的指导方针将公司债券市场限制在少数公司。此外，公司债券利息收入还面临20%的利息税，而这一利息税并不是用国债或金融债券来计算的。最后，公司债券在二级市场的交易和清算仍然是分散的，延迟了一级市场的增长(Bai, 2013)。本篇英国管理学论文代写文章由英国论文通AssignmentPass辅导网整理，供大家参考阅读。
Current guidelines on interest rate cap (not more than 40 percent more than the prevailing bank lending rate) and least credit rating (most issues are AAA rated) restrict the corporate bond market to only a limited number of companies. Furthermore, corporate bonds interest income is faced with a 20% interest tax, which is not measured on treasury or financial bonds. Finally, the trading and clearing of corporate bond in the secondary market remains fragmented and delay the growth of the primary market (Bai, 2013).
However the following five years may witness the appearance of broad new forces that will mainly help form the prospects of the Chinese domestic bond market in 2020.A more united regulatory rule and other complementary policy actions may also demonstrate to be beneficial to the bond market. Specifically, a powerful and clearer budgetary and debt management agenda may create a substantial rise in the issuance of municipal bonds. Moreover, a long overdue incorporation of rules across competing government agencies may take place in the approaching years.
The table above sums up our case of the predictions for the main Chinese bond market constituents over the course of 2015–2020. We expect the Chinese domestic bond market to increase 13 percent yearly, sooner than our baseline nominal gross domestic product development of 10 percent and bank loan development of 8 percent. This is a reflection of capital market expanding and an improved role of direct financing in the Chinese economy and mostly motivated by continued bond market development and fast growth of policy bank bond issuance.
However, PBOC bills are likely to be mostly diminished by 2020, due to an altering monetary policy outline and, a withdrawal from sustained currency interferences. Also, non-financial corporate bond section may cultivate at a comparatively relaxed pace (Yao, 2016).
In the wake of breaking down the old lessons, the present difficulties, and future points of view of Chinese security market, it can be seen that the market that will cultivate with great potential in the coming years and sketch numerous particularly stirring areas for future growth. Past teachings so far show that legitimate atmosphere and political contemplations have been having influence in deciding the bond market. Further changes in the legal and political grounds will likely to arouse the development of the bond market, and the subsequent advanced bond market could further fuel future rounds of healthy economic growth. We expect market controllers, mediators, and stakeholders should pay particular consideration to Chinese bond market in the upcoming future and help the market achieve its maximum capacity to the nation (Huang, 2007).
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