When it comes to the difference of commercial paper in money market, the difference lies in the development of financial market in western countries, including its sub-market. You can refer to the world's three major money brokerage companies, Ye Hui, Li Shun Group and Guo Hui Group, and then look back at the so-called money brokerage companies owned by five domestic banks. The scale is very different, which leads to a great difference between our bill amount and that of western countries!
There is another difference: commercial banks in western countries tend to invest more than Chinese banks, which is why they heard that foreign banks closed down. Therefore, in order to spread the loan risk of commercial banks and reduce the impact of bank failures on the economy, they will issue commercial bills to the society to raise funds; This is not in the China Act, because we have a central bank, O(∩_∩)O haha ~!
Frankly speaking, the bill market in China has not yet started, which is the biggest gap and difference!
Finally, commercial paper is a big concept. Share the recent research may be wrong, a little macro!