| As debtor's default risk, credit risk has become the uppermost risk of the economic and financial system in our country. With gradual enhancement of the trend of economy globalization and finance integration, entering into WTO brings forward higher requirement to credit risk management in our country. The traditional credit risk management mode has no longer adapted to the demand of economy development, and it is urgent for us to give birth to new credit risk management thought and mode.Under such background, undoubtedly, it is meaningful in theory and reality to explore a kind of brand-new credit risk managemant thought and mode. The paper aims at exploring credit derivatives' application to credit risk management, developing credit derivatives market in our country gradually to improve asset status of financial institution, reduce whole risk of financial system, face leisurely challenge of international financial industry, boost the development of financial market and financial system and perfect socialism market economy system throught study on new credit risk management Instrument-credit derivatives.The paper consists of three parts primarily. Firstly, part one analyzes credit risk, credit risk management and the limitation of the traditional credit risk management mode, and lays a way for introducing of credit derivatives. Then, part two do research on credit derivatives that lays an emphasis on research into application of credit derivatives to commercial bank credit risk management and Medium and Small-sized Enterprises (SMEs) financing mode innovation primarily by means of analyzing the reason of producing and phylogeny, definition, the principle of avoiding risk, use, market participant, major breed, pricing, risk and supervision of credit derivatives, and so on. Lastly, part three analyzes meaning of developing credit derivatives market and feasibility in our country. Subsequently the paper puts forward proposal of developing china's credit derivatives market.
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