China's outstanding bond stock has exceeded 200 tln yuan, with corporate credit
bonds totaling 38.38 tln yuan, China Chengxin president Yue Zhigang said. The
bond market's sci‑tech board marked its first anniversary: cumulative sci‑tech
bond issuance exceeded 5.4 tln yuan as of May, up about 7% YoY this year;
private‑sector participation has risen to about 12%. Issuance remains
concentrated in 3–5 year tenors while 10+ year issues are emerging, better
matching long‑cycle funding needs. On Chinese firms' overseas expansion, Yue
flagged prominent political risk, FX volatility and cross‑border credit
information asymmetry, saying narrow financing channels and insufficient
overseas credit backing are bottlenecks and calling for coordinated advancement
of RMB internationalization and cross-border credit infrastructure.
