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Leaders’ Statement
Chairman’s Statement

In the last two decades, CCDC, as a major FMI in China, has been focusing on providing a full range of safe, efficient, professional services for the financial market, and devoting to its innovation and development. It plays an important role in serving the real economy, meeting regulatory needs, preventing and mitigating financial risks, protecting the interests of investors. It also promotes the opening-up of the market, and engages in the great progress of the financial market reform in China.

Twenty years ago, a lot remained to be done in China’s financial market. China’s reform and opening-up and the rapid development of the financial market was accompanied by systematic risks. The establishment of a sound bond depository and settlement mechanism was important not only for the healthy and stable development of the bond market and the financial system, but also for direct financial regulation to move towards an indirect one. CCDC came into being in this context.

Over the past twenty years, CCDC has traversed an extraordinary path. The centralized bond depository service was launched in 1996. It started to provide a wide range of services and compile the bond Yield Curve in 1999. The Commercial Bank OTC Government Bond System was put into operation in 2002. The company business system was connected to the High Value Payment System of PBC in 2004. The new version of the website on China’s bond market information was launched in 2008. DVP settlement was made possible across the market in 2013. China Credit Assets Registration & Exchange Co., Ltd. (CCRE) was established in 2014, and ChinaBond Government Bond Yield Curve started to be published on the MOF website. CCDC also established its Shanghai Branch and Shenzhen office in 2016, and IMF included its three-month government bond yield in the SDR interest rate basket. As a Chinese saying goes, the virtues of sharing and altruism will be passed on forever. In recent years in particular, CCDC continues to serve as a FMI, follow the rules in the sector and grasp new opportunities for market development. It also steadily implements the development strategies of “Two Transformations” and “Diversification, Conglomeration and Internationalization” and therefore, its role as a major FMI in the market is enhanced. Through nearly two decades’ development, CCDC has become a platform for the operation of the bond market, for the implementation of macro-control policies, for the benchmark pricing of the financial market, for risk management of the financial market, for the innovation, research and development of the bond market, as well as for diversified financial market services.The last two decades has witnessed not only the growth of CCDC as a company but also its significant contribution to China’s financial market.

As another Chinese saying goes, those who aspire for success aim at perfection. As it celebrates its 20th anniversary, CCDC shoulders the responsibility of carrying forward the past achievements and forging ahead into the promising future. It needs to engage more in the innovation, development and opening-up of China’s bond market. To transform the bond market in China, its role as a major FMI needs to be brought into full play. CCDC will continue to work in line with the strategic plan of comprehensively deepening reform developed by the central committee of the Communist Party of China (CPC) and the State Council and follow the strategy of building safe and efficient financial infrastructure adopted during the 5th Plenary Session of the 18th Central Committee of the CPC. In addition, with the support of the Chinese government, it will continue to serve the real economy with the interests of its clients as the first priority. In this process, past experience can be drawn upon and more progress will be made in the future.

 

President’s Statement

Finance is at the center of modern economy. Financial infrastructure is not only the precondition for the operation of financial markets but also holds the key to financial stability. As a core national financial infrastructure, China Central Depository & Clearing Co., Ltd. (CCDC) has always been faithfully fulfilling its duties since inception, with serving the market and regulatory purposes as its mission. It has also played an active role in the construction of the national interbank bond market, making fundamental and pioneering contributions of landmark significance to the development of the Chinese bond market.

In 2016, led by regulatory authorities and supported by market participants, CCDC has been adapting to the new normal and seeking new breakthroughs.With the united efforts of all CCDC staff members, the company has achieved stable and healthy development, made progress in its reforms and demonstrated steady and improved corporate performance. On the one hand, the company has further consolidated its advantageous position as the core infrastructure platform of the bond market. At present, CCDC is leading other Chinese CSDs in terms of registered financial asset varieties, value of deposited bonds and bond settlement amount. On the other hand, the company advances innovative ideas, keeps forging ahead, and has harvested desirable results in every aspect of its business, as it pursues the “Two Transformations”, including transforming from the registry and depository of only bond to a full range of financial assets and from serving only the inter-bank bond market to multiple financial markets, as well as the development strategy of “Diversification, Conglomeration and Internationalization”. As of the end of 2016, the value of financial assets, including bond, wealth management product, trust product and credit asset, has exceeded 72 trillion RMB, among which 3.5 billion represents bonds currently under CCDC’s depository, accounting for nearly 80% of the market’s total.

In spite of past successes, future prosperity still requires unremitting efforts. CCDC is about to celebrate its 20th anniversary in 2016, a year that marks the beginning of the 13th Five-Year Plan and a crucial point for China’s economic transformation and upgrading. Standing at the new starting line, the company is confronted with new situation, new tasks and new requirements. Therefore, we must think and act strategically and address development with new ideas and concept.We will pursue transformations as we constantly improve our capabilities to serve the bond market, thereby approaching the goal of “Diversification, Conglomeration and Internationalization” in a steady and comprehensive manner and ushering in a new era for financial market infrastructures.

 

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