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The main reference book for investing and researching the Chinese bond market

An Emerging Global Market with Chinese Characteristics

Book Announcement

World Scientific

Chinese Debt Capital Markets: An Emerging Global Market with Chinese Characteristics


Cover for "Chinese Debt Capital Markets: An Emerging Global Market with Chinese Characteristics"

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Credit: World Scientific

China’s market for debt securities is the world’s second largest and demands the attention of international investors. But how should they assess the risks of particular securities when many of the legal and regulatory foundations of the market were put into place less than 20 years ago? Chinese Debt Capital Markets: An Emerging Global Market with Chinese Characteristics explores these institutional developments and assesses the determinants of returns and risk using comprehensive data coverage and up-to-date statistical modelling techniques.

From the perspectives of institutional framework, market functions, market structure, and market development, >Chinese Debt Capital Markets provides a systematic and in-depth analysis and exploration of the macro-effects, microstructure, local government bond market, corporate bond market, debt derivatives market, and market supervision and regulation of the Chinese credit bond market.

Unlike other publications on the current state of the Chinese bond market, this book focuses more on exploring the evolution of the market, existing problems, and development direction from the functional, structural, and developmental angles of China’s bond market. The study employs a combination of historical, logical, qualitative, quantitative, traditional econometric and modern AI analyses to deeply investigate the institutional, technological, macroeconomic, and microeconomic factors that constrain the development of China’s bond market.

This volume shows how the huge Chinese debt securities market and fixed-income derivatives can be broken down into many segments.

  • Type of issuer (central government, local government, state-owned company (either central or local), private company)
  • Term (bills, notes, long-term bonds)
  • Legal regime in case of default
  • Types of participating investors
  • Ratings agency coverage

In this comprehensive study, an expert team of researchers takes the reader through the maze, and provides private investors, fund managers, researchers and university students the tools needed to participate in this market and to understand the forces that will continue to reshape it in the years to come. It is especially helpful for international investors and researchers looking to gain an in-depth understanding of the various aspects of China’s credit bond market.

Chinese Debt Capital Markets: An Emerging Global Market with Chinese Characteristics retails for US$178 / £165 (hardcover) and is also available in electronic formats. To order or know more about the book, visit


About the Authors

Chen Xuebin is Chair Professor of humanities at the School of Economics, Sichuan University and a retired professor of finance at the School of Finance at the School of Economics, Fudan University. He has served as an executive director of the China Society for Finance & Banking and the China International Finance Society, vice president of the Shanghai Financial Society, and vice president of the Shanghai Information Society. His research areas include monetary policy, financial markets, quantitative investment, and intelligent finance. He has undertaken nearly ten projects from the National Natural Science Foundation of China and the National Social Science Fund of China, and has published dozens of papers in academic journals, such as Economic Research and Financial Research.

Ronald Anderson is an Emeritus Professor of Finance at the London School of Economics, UK, a Fellow of the Centre for Economic Policy Research (CEPR), Europe, and a Visiting Professor at Guangzhou Xinhua University, China (formerly Xinhua College of Sun Yat-Sen University). He is a specialist in financial economics, and has published in the Journal of Finance, the Journal of Political Economy, the Review of Financial Studies, and other major journals. He has an active interest in financial development and institutional change. In the 1990s, he served as a consultant to the World Bank and former communist countries of Eastern Europe, leading eventually to his monograph (with Chantal Kegels) entitled Transition Banking: The Financial Development of Central and Eastern Europe published by Oxford University Press. He has an active interest in the evaluation of credit risk focusing particularly on the role of institutions and strategic behaviour in the face of possible insolvency.

About World Scientific Publishing Co.

World Scientific Publishing is a leading international independent publisher of books and journals for the scholarly, research and professional communities. World Scientific collaborates with prestigious organisations like the Nobel Foundation and US National Academies Press to bring high quality academic and professional content to researchers and academics worldwide. The company publishes about 600 books and over 170 journals in various fields annually. To find out more about World Scientific, please visit

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