Although the Chinese corporate bond market dates back some years, it has had a turbulent history. In the early 1990s, there was approximately Rmb68bn ($8.2bn) in issuance but by 2000, and after scores of defaults had hit the market, the figure had fallen back to just Rmb8.3bn. By the end of last year the market had grown to almost Rmb50bn. However, even now, access to the market is severely restricted by government.
Cautious approach
