www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Policy Watch

NDRC plans steps to bolster bond market

By Lan Lan (China Daily) Updated: 2015-08-06 09:06

The National Development and Reform Commission, the nation's top economic planner, said on Wednesday that it will come out with more initiatives to develop the debt market, particularly to boost funding for infrastructure projects and stabilize the overall economy.

The NDRC will soon permit two policy banks to fund big ticket infrastructure projects through bond issues, but it was yet to finalize the details, said sources close to the issue.

The bonds will be issued by the China Development Bank Corp and the Agricultural Development Bank of China and the debt will be purchased by the Postal Savings Bank of China. The central government is likely to subsidize 90 percent of the interest on the securities, they said.

"It is the first time that the NDRC is adopting such financial instruments to raise capital for infrastructure projects by working closely with financial institutions," said Zhang Hanya, president of the Investment Association of China.

The interbank bond issuance arrangement seeks to provide ongoing funding support to key projects promoted by the government and to ensure that there are no hitches in raising follow-up funds, amid the financing plight faced by several local governments, he said.

About 22 sectors will be involved in the bond issuance, including the urban rail transit system, railway projects in central and western China and competitive manufacturing industries, which are quite consistent with key projects promoted by the regulator since November.

It was reported that the first batch of the bonds could be launched in one month or so. Bloomberg previously reported that the government is planning at least 1 trillion yuan ($161 billion) in bonds to fund construction projects.

Si Zhu, an analyst with BOC International (China) Ltd, said although the scale of the bond issue is sizable, its impact on the market will be limited as it is a targeted issuance.

Moves adopted by authorities including a new round of debt replacement of local governments could bring pressure to the market. Further easing of the fiscal and monetary policies is necessary to bolster the bond market, he said.

Analysts said investment in infrastructure is the buffer that will help the world's second-largest economy meet its growth target for this year.

Rapid growth of the financial sector, 17.4 percent in the first six months, contributed significantly to China's 7 percent growth in the first half. However, growth of the sector is expected to slow in the second half on the heels of moves such as suspension of initial public offerings, said a report published by Minsheng Securities Co Ltd.

The latest official manufacturing Purchasing Managers Index indicated a continuing trend of weak demand, while performance of the property sector and exports remains weak.

Qu Hongbin, chief China economist at HSBC Holdings Plc, said in a report that the service industry has maintained its expansion momentum. However, this is not enough to offset the sluggish manufacturing industry. The momentum for overall recovery has turned sluggish and it is necessary to consider more policy loosening, he said.

Traditional tools are not effective and companies still face high costs or barriers in borrowing from commercial banks, said analysts.

Meanwhile, the NDRC said on Wednesday it would allow the issuance of bonds for individual projects for the first time, another move to develop the country's debt market.

The new rules aim at expanding the scale of direct funding and let the capital markets play a greater role to serve the real economy, it said.

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 久青草免费在线视频 | 国产亚洲精品久久 | 中文字幕一区二区精品区 | 国产一区二区三区视频在线观看 | 日韩a毛片免费全部播放完整 | 欧美日韩免费一区二区三区 | 手机看片1024精品日韩 | 久久久久久久久中文字幕 | 欧美freesex10一13黑人 | 欧美专区一区 | 精品国产一区二区三区四区vr | 欧美视频一区在线观看 | 手机看片日韩高清国产欧美 | 亚洲在线看 | 欧美日本韩国一区 | 99re8免费视频精品全部 | 明星国产欧美日韩在线观看 | 欧美一线不卡在线播放 | 国产中文字幕在线观看 | 99国产精品免费观看视频 | 欧美日韩亚洲精品一区 | 香港毛片免费观看 | 一区二区三区网站在线免费线观看 | 99在线精品免费视频九九视 | 综合自拍亚洲综合图区美腿丝袜 | 日本韩国欧美在线观看 | 直接在线观看的三级网址 | 亚洲午夜在线播放 | 免费看特级毛片 | 亚洲成人黄色在线观看 | 久久久一区二区三区不卡 | a级国产乱理伦片在线观看国 | 亚洲精品久久久久久久久久久网站 | 久久久影院 | 欧美成人a大片 | 日韩黄色一级毛片 | 一级片成人| 一区二区三区四区在线视频 | 国产成人一区二区三区视频免费 | 国产91精品久久久久久久 | 日本一区二区三区在线 视频观看免费 |