At present, the economic uncertainty is increasing, and the overall economic situation and credit environment are becoming more and more complex, which is in a stage of frequent financial risks. Some hidden risk points in the bond market have been highlighted. For example, the long-term credit pricing is unreasonable, and it is easy to explode in case of cyclical problems and mismanagement.
As an important part of multi-level capital market, bond market has become an important place to serve the real economy financing. In recent years, the market-oriented reform of exchange bonds has made good progress. In accordance with the law of bonds, the rule system and regulatory framework have been gradually established. The overall market has maintained stable and stable operation, and the ability to serve the real economy has been significantly improved. In 2019, the cumulative financing of the exchange bond market has reached 7.2 trillion yuan, 17 times that of 2014. In the first nine months of this year, the accumulated financing amount of the exchange bond market was 6.39 trillion yuan, which continued to maintain rapid growth and made contributions to serve the real economy.
For enterprises, taking brilliance case as a reference, we may as well sort out their own risk points, strengthen corporate governance, improve the quality of operation, and do a good job in information disclosure according to laws and regulations. The marketization and legalization of the capital market are closely linked, and we must know awe, keep the bottom line, and fulfill our responsibilities.
It is reported that the regulatory authorities will find out the market rules, accelerate the reform and development, and further improve the quality and efficiency. On the one hand, they will support the financing development of the real economy, and on the other hand, prevent and resolve risks. They must be both open and manageable. The purpose is to promote the stable and healthy development of the bond market.