The reform process of corporate bonds

At the National Financial Work Conference on June 5438+ 10, 2007, the senior officials of China government firmly stated that they would vigorously develop the corporate bond market, and the issuance system would be changed from the examination and approval system to the approval system. After the meeting, a series of news such as the new rules for market makers and the entry of enterprise annuities into the inter-bank market were released, which fully reflected the signal that the CSRC was supervising corporate bonds.

At the fifth meeting of the 10th Chinese People's Political Consultative Conference in March, 2007, the report on the implementation of the national economic and social development plan in 2006 and the draft of the national economic and social development plan in 2007 proposed to strengthen the construction of the basic system of the bond market, expand the scale of corporate bond issuance, and do a good job in the pilot work of industrial investment funds in 2007. The development of the bond market will usher in a historic new development opportunity, and a more transparent, open and innovative market can be foreseen. After the promulgation of the Measures for the Administration of Corporate Bond Issuance, the issuance of corporate bonds will open a new chapter.

Relevant regulations: Article 154 of China's Company Law stipulates: "The corporate bonds mentioned in this Law refer to the securities issued by the company in accordance with legal procedures and agreed to repay the principal and interest within a certain period of time." Based on the issuance of corporate bonds, a legal relationship of creditor's rights and debts is formed between bondholders and bond issuing companies, with the content of repaying principal and interest.