On February 18, the CSRC held a 2022 bond supervision meeting. On the basis of summarizing the bond supervision in 2021, the meeting studied and deployed the key points of bond supervision in 2022. The main concerns are as follows:
First, important achievements were made in bond supervision in 2021, and the characteristics of marketization and legalization of bond supervision were further highlighted. In 2021, the supervision of the bond market will be further strengthened to ensure the stable and healthy development of the bond market. First, revise and issue a number of policies and systems on bond issuance registration, transaction management, information disclosure and default disposal, and further improve the top-level design of bond supervision system. For example, the guidance on promoting the high-quality development of the reform and opening up of the corporate credit bond market and the measures for the administration of corporate bond issuance and trading were issued. In addition, in coordination with green development, it launched the operation rules for market-oriented evaluation of green bond evaluation and certification institutions (Trial), realizing the unification of bond standards. Secondly, strengthen strict supervision in all aspects and implement the requirement of "zero tolerance". The opinions on strictly cracking down on securities illegal activities according to law was issued, and securities illegal activities were strictly cracked down according to law and regulations. Finally, actively promote the clearing of debt risks and improve the bond default disposal mechanism. Laws and regulations such as the measures for the administration of local government bond information disclosure platform, the pilot business rules for credit risk mitigation tools in the inter-bank market and the guidelines for credit default swap business were issued to achieve accurate risk prevention and control.
Second, we need to further strengthen bond supervision and help the stable operation of the financial market. Although China's bond supervision has made breakthrough progress, there are still many difficult issues to pay attention to. First of all, in the context of increasing downward pressure on the economy, credit risk will rise. We need to continue to pay attention to the credit risk exposure of key regions, key industries and key enterprises, and do a good job in risk prevention. Secondly, in the context of the continuous acceleration of financial opening, bond supervision needs new ideas. By building a more systematic bond supervision system and increasing the convenience of cross market transactions, we can help the bond market achieve a high level of two-way opening. Finally, the development of bond supervision still needs to ensure the steady development of the bond market, reasonably promote the organic combination of bond supervision and business innovation, and realize the more standardized and efficient development of the bond market, so as to better meet the needs of the real economy and help the economy achieve high-quality development.
Third, the meeting accurately implemented policies and supplemented weaknesses, and comprehensively deployed the key tasks of bond market supervision in 2022. Based on the progress of previous bond supervision work, this meeting deployed the focus of work this year according to the current development status of the bond market. First, in promoting the prevention and resolution of bond default risk, the meeting proposed to further improve the basic system of the bond market, closely monitor and prevent the risk of bond default, constantly improve the risk disposal mechanism, improve the prevention and early warning mechanism of bond credit risk, and ensure the smooth operation of the bond market. At the same time, we will improve the market-oriented disposal mechanism of bond default, and use debt management tools such as bond repurchase and bond replacement to steadily resolve bond credit risk in combination with the development characteristics of different industries. Secondly, accelerate the transformation and upgrading of bond supervision, promote the organic combination of special development of bond market and special supervision policies, build a new supervision system and supervision platform in accordance with the development requirements of green, low-carbon sustainability and scientific and technological innovation, cooperate with the innovation direction of bond tools and products, accurately support the development of specific fields, and continuously improve the quality and efficiency of serving the real economy. Finally, bond supervision will give more prominence to systematic thinking, and constantly improve market construction, basic system construction, legal supply and scientific and technological guarantee. Especially in the context of the continuous acceleration of the opening-up of the bond market, we will continue to promote the unification of the regulatory standards of the credit rating industry, constantly improve the bond issuance system and information disclosure rules, and build a unified bond regulatory system.
