China's Bond Market Problems And Countermeasures

In recent years, following with the expanse of the scale, the market of the government bonds is becoming more and more mature. Many governments and investors pay close attention to the influence of it. The research of the market is becoming a hot topic in economic theory field. Since 1981,our bonds market has a great development and the obvious Chinese character. However, compared with the other market in advanced country, there are still many problems in it. The research about the problems is fruitful in our theory fields, but it is still scarce of the research from the market angle. So, aiming at a low cost, high efficiency and high mobility bonds market, this article carries out some research on the problems in the market and puts forwards some choices of relevant policies. According to the new situation of bonds market, the contents include four parts and also draws following conclusions.——in order to develop the bonds market, we must reknow the function of bonds market at first. Remedying the financial deficit and raising construction funds are the basic functions of bonds. Its financial function makes it become the connection of financial policy and currency policy. The bonds market plays very important role in the national economic financial system.——to keep a proper increasing rate is the developing prerequisite of bonds market. Our bonds market will still in the increasing situation. However, we should deal with the relationship of bond sponsorship. Financial equilibrium and economic development properly.——marketeering is the direction of the first rank market. It requires consummating the structures of deadline, ownership variety and interest rate.——mobility is the life of the second rank market. Uniting this market and developing over-the -counter market become the imminent tasks.——we should be strict with the management of derivative instruments and make them exert their functions.——the bonds investment funds is an effective investment tool. Its variety choice should make the closed-end funds be the start and make the open-end funds be the aim. We should norm the operation and management and perfect its investment way.——to reinforce the construction of the bonds basic installment and to make a good environment for the development of bonds market.——to establish an integrated supervision system, raise the efficiency and strengthen the power of supervision.