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Xiao Gang, Member of the Economic Committee of the Chinese People's Political Consultative Conference, Visited CCDC

On September 4, 2018, Xiao Gang, member of the Economic Committee of the 13th Chinese People's Political Consultative Conference and former Chairman of the China Securities Regulatory Commission, visited CCDC to conduct a special research on “constructing multi-layer capital market and promoting development of credit asset securitization”. Xiao was briefed on the company's operation and had an in-depth discussion with the company's management team. Chairman Shui Ruqing, President Chen Gangming, Supervisor Bai Weiqun, Vice-President Liu Baishu, Vice-President Zhou Zili, Disciplinary Secretary Zhang Mengjun, and Vice-President Xu Liangdui welcomed Xiao and participated the on-site research.

Xiao Gang addressed the symposium that since the 16th National Congress of CPC, numerous important meetings have mentioned the construction of a multi-layer capital market system, reflecting the great importance attached by the CPC Central Committee and the State Council to the construction of a multi-layer capital market system. Establishing a sound multi-layer capital market system is an important strategic deployment made by the CPC Central Committee and the State Council in accordance with the needs of the new era, which is a particularly important task at present. Recently, the State Council has adopted further measures to strengthen financial infrastructure construction and promote unified management and coordinated development of the bond market. This visit to CCDC, he noted, aimed to conduct further research on the development of financial infrastructure related to multi-layer capital markets and on the development of bank credit asset securitization.

On behalf of CCDC, Chairman Shui Ruqing expressed warm welcome to Xiao Gang and briefed on the development of the company. The chairman highlighted that the establishment and development of the company are closely related to the formation of China's financial market, the shift of monetary control methods and the formation of monetary policy transmission mechanism. The establishment of foreign exchange market in 1994, interbank borrowing market in 1995, inter-bank bond market in 1997, and the change of monetary control method in 1998, as well as the lift of ceiling on total loan control, the merge of reserve account and excess reserve account, and the introduction of open market operations, all formed the backdrop against which CCDC was established and keeps growing. All these historical events were witnessed by Xiao Gang as a leading policy maker. The important milestones of CCDC’s development, including the establishment of the direct holding account system, the establishment of the open market operation system, and the connection of CCDC’s CIOP system to the first generation of China National Advanced Payment System thus enabling DVP settlement, were all achieved under the leadership of Xiao Gang. Xiao’s onsite research will definitely encourage the company to make further progress. The bond market is an important part of the multi-layer capital market, where CCDC is an important national financial infrastructure that supports the operation of the bond market and the operation of macro-control policies. In promoting multi-layer capital market construction, maintaining financial stability, and promoting economic growth, the company shall commit itself and tap its full ability to play a more important role.

Bai Weiqun, Supervisor of CCDC, delivered a special report to Xiao Gang on the relevant topics. With respect to the construction of a CSD across multiple layers of capital markets, Bai Weiqun introduced the definition of financial infrastructure and the trend of integration of international financial infrastructures, and highlighted the strategic significance of financial infrastructure for the development of multi-layer capital markets. He also analyzed the history and problems of China's financial infrastructure, and gave his opinions and suggestions on the overall supervision and the interconnection of financial infrastructure. On the topic of securitization market, Bai Weiqun introduced the overall development of China's securitization market and the work by CCDC to support the construction of the securitization market. He then analyzed international experience of securitization practice and credit asset exchange business which he viewed as supplementary to each other, and base on this arguments, proposed some suggestions on the development of the securitization market. In the field of credit bond market risks, Bai Weiqun, based the current situation and characteristics of China's credit bond market, shared his outlook on the bond market risk dynamics in 2018. He believed that the credit risk of China's bond market is controllable overall, but the risks related to the wave of rollover and sell-back needs should be cautioned, and that regional credit risks warrant further attention. Bai concluded his report with proposals on improving China's credit bond market.

After listening to CCDC’s reports, Xiao Gang highly commended the achievements of CCDC in the past 20 years, fully recognized the importance of the company as an important national financial infrastructure, and gave a good credit to the special report. Xiao Gang also had an in-depth discussion with the participants on the issues of concern.


 

2018.09.10
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