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World Bank Vice President visits CCDC

Source: China Finance News Network Release time: 2019-12-18

Our reporter He Lijuan reported that on December 12, 2019, the chairman of CCDC, Shui Ruqing, met with the visiting World Bank Vice President and Treasurer Hua Jingdong and his party. The two parties carried out the opening of the Chinese bond market and the latest progress of their respective businesses. Exchanges, in-depth exchange of views on future market development trends and potential areas of cooperation. Accompanied by Zong Jun, the director of CCDC, relevant persons in charge of the collateral center, cross-border settlement center, and ChinaBond valuation company participated in the meeting.

Shui Ruqing introduced the core position and important functions of CCDC in China's bond market. He pointed out that the company is an important financial infrastructure at the national level. It plays an irreplaceable role as a core operating platform for China's bond market, a support platform for the implementation of national macroeconomic policies, a platform for the formation of pricing standards for China's financial markets, and an important gateway for China's bond market to open up . As of the end of November 2019, nearly 1,100 overseas institutions had opened accounts with the company, including 75 foreign central banks and sovereign wealth funds, holding a total of approximately 1.6 trillion bonds, accounting for approximately 90% of domestic bonds held by overseas institutions. The company has built a one-stop full life cycle service around bond issuance, registration and custody, transaction settlement, interest payment, valuation, collateral management, and information disclosure, and has become a high-quality comprehensive service provider in the Chinese bond market. Relying on an authoritative market position, excellent comprehensive service capabilities, high-quality customer resources, and cross-market, cross-regional interconnectivity business reserves, the company has outstanding advantages in developing cross-border cooperation and serving international customers. It looks forward to working with the World Bank in the future. Carry out in-depth cooperation.

Hua Jingdong fully acknowledged the rapid growth of China's bond market and the significant contribution made by CCDC. He introduced the relevant functions of the World Bank's treasury department, shared the World Bank's innovative practices in using the global bond market to support development finance, and exploring the application of fintech in the bond market. Hua Jingdong emphasized the importance of financial market infrastructure construction and pointed out that financial infrastructure construction is an important reason for the rapid and healthy growth of China's capital market and becoming a model of capital market construction worldwide. He said that next year marks the 40th anniversary of the establishment of a cooperative relationship between the World Bank and China. With the RMB being included in the Special Drawing Rights (SDR), the demand for RMB assets by foreign central banks and sovereign investment funds is expected to increase, and the World Bank will also strengthen its RMB Participate in the bond market and hope to share the successful experience of China's capital market development with other developing countries. In the process, he welcomed CCDC to actively cooperate with the World Bank in the areas of bond issuance, investment, innovation, technology, and sharing of financial infrastructure construction experience.

The World Bank is one of the most important financial organizations in the world. Its treasury department is responsible for financing sustainable development by using global capital markets, and provides investment consulting and capacity building support to more than 70 central banks and sovereign wealth funds around the world. CCDC has a deep relationship with the World Bank. The establishment of the company is based on the results of World Bank technical assistance projects. Since its establishment, it has also been actively participating in World Bank technical assistance on the implementation of China's economic reform, modern financial system, and national governance. Project research and related results have important reference significance for promoting the construction of China's bond market. In addition, the 3-month Treasury bond yield curve prepared by the company's subsidiary, ChinaBond Valuation, has been included in the SDR interest rate basket, and the RMB interest rate index jointly prepared with the World Bank was officially released in 2018. In recent years, under the guidance of competent authorities, CCDC has made great efforts to support the opening of the bond market, actively build a China debt model serving overseas customers, and explore and promote infrastructure interconnection. In the future, CCDC will continue its good cooperation with the World Bank with a more proactive cooperation attitude, high-quality and deep professional capabilities, and further explore the potential for cooperation between the two parties in cross-border business, collateral management, valuation, and research. Committed to making greater contributions to the high-level opening of China's bond market.

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