On February 27, SZSE organized and held the 2022 Symposium on Bond Regulation and Development (hereinafter referred to as the “Symposium”) which centered on the learning and implementation of the guiding principles of the 20th CPC National Congress and the Central Economic Working Conference, as well as the implementation of the requirements of the 2023 Work Conference and the 2023 Bond Regulation Work Conference of the CSRC. Another focus of the Symposium was to accelerate the building of a modern bond market with Chinese characteristics. The building of the bond market by SZSE in 2022 was reviewed and summarized, and the key tasks for 2023 were planned and pushed forward. Moreover, institutions and individuals who had made outstanding contributions to serving national key strategies and supporting the construction of infrastructure REITs were commended. Present were also the relevant responsible persons of local development and reform commissions, finance bureaus, and financial bureaus, the relevant responsible persons of the CSRC Guangdong Office and China Securities Depository and Clearing Corporation Limited (CSDC) Shenzhen Branch, issuers of fixed-income products, the original owners of infrastructure REITs, and representatives from banking, securities, insurance, fund, and trust institutions.

Under the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, SZSE, in 2022, resolutely implemented the decisions and arrangements of the CPC Central Committee and the State Council and satisfied the work requirements of the CSRC. Meanwhile, SZSE promoted reform and innovation, sought development, stabilized operation, and vigorously made new achievements in all tasks of the bond market.First, SZSE gave full support for stabilizing growth and financing and serving the high-quality development of the real economy.Specifically, featured products were successively released, such as China’s first digital economy corporates bond and new infrastructure corporate bonds. Efforts were exerted to expand the scale of innovative products, such as technological innovation bonds, green bonds, and property rights backed securities. SZSE strengthened the bond market’s precise support to and direct funding to key sectors of the country. SZSE supported real estate enterprises to raise about CNY 170 billion via issuance of fixed-income products and satisfied the reasonable financing demand of such enterprises. Special support plans for bond financing for private enterprises were actively launched. A new credit-enhancement model based on “central-local government cooperation” for private real estate enterprises was implemented to further improve the financing environment for private businesses. Furthermore, industries covered in the pilot project of infrastructure REITs were expanded to clean energy and subsidized rental housing. The first batch of refinancing of the expanded REITs was initiated. Practical achievements were made in tapping the idle assets and expanding effective investmentSecond, SZSE stepped up the effort to tackle tough challenges in reforms and constantly improved the operational efficiency of the bond market in Shenzhen.Nearly 20 rules for review and supervision were released to reinforce the standardization and convenience of financing. New bond trading rules were implemented, and a trading system was launched to realize stock and bond decoupling. Concurrently, a pilot bond platform for the Guangdong-Hong Kong-Macao Greater Bay Area was initiated to stimulate two-way capital financing. Overseas investors were allowed to directly invest in specific domestic bond products, as the domestic bond market is further opened up.Third, the risk prevention and control mechanism was fully improved, and the bottom line of risks was firmly held.SZSE comprehensively optimized the internal governance of the bond line, enhanced the supervision as well as check and balance of power, reinforced the building of the technology regulatory system, and continuously strengthened risk monitoring efficiency. Additionally, market-oriented, legal, and diverse risk mitigation mechanisms were proposed and perfected. All parties were coordinated to prudently mitigate risks in key fields. Therefore, the default risk of bonds was further mitigated.

Attendees deeply exchanged their views on how to comprehensively deepen the reform of the bond registration system and accelerate the building of a modern bond market with Chinese characteristics in combination of the current situation. Some of their viewpoints centered on strengthening the innovation of fixed-income products, guiding social capital to invest in key fields and weak links, and releasing more practical measures that support private enterprises and real estate businesses. Constant efforts should be exerted to build a policy system that is standardized, transparent, and honest with reasonable operation and high efficiency. Policy competitiveness should be utilized to raise the quality and efficiency of all services in the chain, including review, duration, and risk mitigation. The regular issue of infrastructure REITs should be accelerated; the scope of assets should be continuously expanded; supporting policies should be improved. Furthermore, the building of the interest rate bond market should be promoted, and the mechanism for bond market making should be optimized to further reinforce the trade efficiency and liquidity of the bond market. Additionally, the services and functions of the bond market of the Guangdong-Hong Kong-Macao Greater Bay Area should be improved to fully unlock market vitality.

Next, SZSE will continue to deeply implement the guiding principles of the 20th CPC National Congress and the Central Economic Working Conference, and, under the guidance of the CSRC, seek progress while maintaining stability, and adhere to integrity and innovation. We will focus on the general goal of becoming a world-class exchange featured with an innovative capital center and the corresponding suitable bond market system, attach importance to both development and standardization, fully deepen the reform of the bond market, and improve the supply of policies, products, and services. Meanwhile, SZSE will optimize the innovation chain, the industrial chain, and the capital chain, raise the proportion of direct financing, and promote high-level circulation of science and technology, capital, and the real economy. We will also support the policy-based opening up of the bond market, strengthen the prevention and mitigation of major bond risks, vigorously drive the high-quality expansion of the REIT market, and better serve the overall social and economic development of China.