The Exploration Of Reconstructing Our National Debt Futures Market

The theme of this dissertation is to discuss the necessity and feasibility of the reconstruction of our national debt futures market and its policy implications, with decades of development of our national debt market, after the failure of national debt futures transaction experiment in the 1990s.First, the author mainly introduces the relevant concepts of the national debt and the national debt futures in chapter one, in which he points out that national debt is produced when the central government launches bonds domestically or borrows from foreign government and banks; while the national debt futures are financial derivatives marked by the standardized contract of national debt transaction, as well as a way of delivery in which the target bonds are delivered according to the set price and amount, in a specific geographical location and at specific dates. In addition, chapter one also introduces the basic knowledge of the classification, function and delivery rules etc. of national debt and national debt futures.Next, the author proceeds to explain the main body--- the necessity and feasibility of the reconstruction of our national debt futures market. In order to sufficiently explain and better to conduct national debt futures transaction in our country, the author has got some valuable experience about reconstructing our national debt futures market after studying that market of developed market: 1. Emphasis in cultivating and improving the national debt spot market; 2. Scientific design of the national debt futures market; 3. Reinforcement of risk management; 4. Improving the information release system; 5. Nurturing corporate investors with great effort; 6. Emphasis in the development of laws and regulations in the national debt futures market.