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2019 CCDC Overseas Investors Annual Meeting Successfully Held in Shanghai

Source: China Government WebsiteRelease time: 2019-11-25

China Finance News Network reporter He Lijuan reported that on November 21, China Central Securities Depository and Clearing Co., Ltd. (hereinafter referred to as "CCDC") successfully held "Opening and Deepening: New Trends, New Opportunities" in Shanghai Lujiazui. Annual Investor Conference.

From the competent authorities of the People's Bank of China, the National Development and Reform Commission, the China Securities Regulatory Commission, the Shanghai Municipal Financial Supervision Administration, the central banks of countries such as South Korea, Egypt, Indonesia and Australia, New Development Bank, Industrial and Commercial Bank of China, Bank of China, HSBC, Mitsubishi UF Well-known domestic and overseas banking institutions such as banks, global well-known asset management institutions such as BlackRock, UBS Asset Management, Pioneer Pilot, and domestic and overseas industry associations such as the International Capital Market Association, the Thai Bond Market Association, and the Interbank Market Dealers Association, 140 More than 230 representatives from more than one institution attended the meeting.

In the opening speech, Chairman of the Board of Supervisors of CCDC, Ma Zhongfu, said that according to the statistics of the International Settlement Bank, as of the first quarter of 2019, the stock of China's bond market has leapt to the second place in the world. A new phase of "Open 2.0". As Chinese bonds are included in the global mainstream bond index, the importance and influence of China's bond market on global financial markets has further increased. As the country's core financial infrastructure, CCDC has always undertaken the responsibility and mission of "guaranteeing the stable operation of the bond market and promoting the open development of the bond market". In response to the increasingly urgent diversification needs of global investors, CCDC has explored the launch of an upgraded version of "China Bond International Services 2.0", which covers the establishment of an international bond market ecosystem, the establishment of a communication and service platform, and the flow of collateral and price indicators. Extensive applications in sexuality and risk management. The company will continue to strengthen exchanges and cooperation with various institutions to build the Chinese bond market into a deeper, more transparent and more diversified international bond market.

Zhou Chengjun, inspector of the Macro Prudential Administration of the People's Bank of China, systematically explained the excellent ecosystem construction of foreign investors' investment and holding of RMB assets in the keynote speech. At this stage, the opening up of the bond market has been deepened, which has also provided more convenience for foreign investors. The inclusion of Chinese bonds in the international mainstream index and the sharp increase in transaction size indicate that foreign investors have recognized the value of China's bond market investment. At present, there is still huge potential for China's bond market to open to the outside world. It is necessary to continue to build a good ecosystem for foreign investors to invest and hold RMB assets. The first is the diversification of investment channels, promoting various methods including direct investment in the market, infrastructure connectivity, and overseas investment to hold RMB assets. The second is to provide products, transactions and liquidity protection, allow foreign investors to participate in various product transactions, and gradually expand the scope and type of assets; encourage various financial institutions to directly issue various products, including RMB ETFs, overseas. The third is to provide a good hedging and risk management mechanism. On the one hand, the domestic foreign exchange market is continuously opened to increase trading varieties and reduce restrictions on counterparties; on the other hand, it is promoting the development of various offshore RMB foreign exchange markets. The fourth is to strengthen infrastructure construction and related services, and continue to optimize the opening of accounts, the settlement agent system, repurchase transactions, day financing, settlement, and quotation in the country to provide more convenience; overseas through existing currency cooperation Mechanism to promote the development of infrastructure and related services in the areas of RMB asset investment, custody, trading, settlement, clearing, etc., to better meet the needs of various international investors in investing in holding RMB assets and managing liquidity and risks.

Tian Yuan, deputy inspector of the Department of Finance, Finance and Credit Construction of the National Development and Reform Commission, pointed out in his keynote speech that opening up is the main theme of China's bond market development. In recent years, China's bond market has made breakthroughs in areas such as the issuance of panda bonds and the expansion of participants, and has become an important window for opening up the financial market. Corporate bonds are an important part of corporate credit bonds. They insist on directing bond funds for real economy projects and providing the most direct and efficient financing channels. The National Development and Reform Commission closely focuses on the original intention of financial services to the real economy, adheres to the organic combination of corporate debt development and the promotion of major national strategies, strengthens financing support in key areas such as social and people's livelihood, and serves economic and social development and improvement of people's livelihood. At present, foreign investors have become an important part of the bond market, and their investment targets are mainly interest rate bonds such as treasury bonds. Therefore, there is still extensive investment space for corporate bonds. Tian Yuan hopes that foreign investors will continue to pay attention to corporate bonds and obtain better returns while promoting the high-quality development of the corporate bond market.

In the keynote speech, Li Jun, deputy director of the Shanghai Municipal Bureau of Financial Supervision and Administration and the Shanghai Municipal Bureau of Financial Affairs, said in the keynote speech that the bond market is not only an important part of the financial market, but also one of the core contents of the construction of Shanghai's international financial center. In recent years, as the pace of China ’s financial market opening up has accelerated, the convenience of foreign institutions entering China ’s bond market has continued to increase. CCDC has played an important role in opening the bond market, fully connected with the construction of the Shanghai International Financial Center and the Pilot Free Trade Zone, and steadily advanced the international development of the bond market and business innovation. Li Jun said that in the new situation, China's continuous expansion and opening up are accelerating. Shanghai will follow the new trend of deepening reform of the financial market, seize new opportunities for financial market expansion and opening up, continue to strengthen the functions of open hubs, continue to optimize the development environment of the financial market, and comprehensively improve Financial market service functions enhance the global competitiveness and influence of Shanghai's international financial center.

Martin Scheck, CEO of the International Capital Market Association (ICMA for short) gave a speech at the conference. He briefly introduced the basic situation of ICMA, its business status in China, key achievements, and cooperation with CCDC. Martin Scheck expressed his firm confidence in the Chinese bond market and encouraged global investors to actively participate in China's bond market investment. ICMA will continue to work with CCDC to promote the continuous opening and development of China's bond market.

Bank of Communications chief economist Lian Ping delivered a speech on "forecast of macroeconomic and financial situation in 2020". He pointed out that under the influence of the current global economic situation, China's downward pressure on the economy still exists, and it will face three types of risks, including the decline in world economic growth caused by trade frictions, the decline of some economies, and the easing of global macro policies. When it comes to finance, Lian Ping believes that the problem is mainly on the credit side rather than the currency side. On the one hand, credit growth continued to fall, and off-balance-sheet business in social financing continued to shrink; on the other hand, money market interest rates were relatively stable and at a relatively low level. In the end, Lian Ping suggested that macro policies should be strengthened from the credit end to increase fiscal policy; at the same time, precise drip irrigation and liquidity adjustment should be carried out.

During the keynote speech, the relevant business leaders of CCDC respectively discussed the “ChinaBond International Investor Service 2.0” in the new stage of the bond market opening, the main cross-border application of RMB bond collateral, and the ChinaBond price indicator products in strengthening risks. Applications in management were shared.

During the subsequent round-table discussions, experts from China Development Bank, HSBC, Mitsubishi UFJ Banking, Baring Asset Management and Bloomberg, and other domestic and foreign institutions, jointly focused on the latest progress and achievements of China's bond market opening, and the bond market continued. Opportunities and challenges faced in the context of opening up, as well as in-depth discussions and exchanges on the prospects of deepening the opening of the bond market in the future. Experts from Industrial and Commercial Bank of China, Bank of China, ChinaBond Corporate Debt Evaluation Center, Haitong Securities, and Standard & Poor's Ratings, focus on the development process and future development of China's credit bond market, and opportunities for foreign investors to participate in China's credit bond market Other topics were discussed.

With the steady development of the Chinese economy and the continuous advancement of RMB internationalization, China's bond market has continued to deepen its open development. It has undergone a transition from "breadth" to "deep" and entered the "open 2.0" stage.

CCDC held this annual meeting of foreign investors, adhering to its responsibilities and mission to promote the open development of China's bond market, in line with the increasingly professional and diversified service needs of international investors in the new stage of the bond market opening, and to build a global investor A high-level, deep-level communication platform to build an international bond market ecosystem for development and sharing.

The successful holding of this annual meeting will further help foreign investors understand the development process of the Chinese bond market, strengthen exchanges and cooperation between international institutions, and provide reflections and inspirations on new opportunities for the opening of the Chinese bond market.

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