China's bond market is far away from playing a fundamental role in the allocation of resources and hence failed to meet China’s needs for long-term sustainable economic development in the coming years.

ANBOUND’s research team points out that China should build a multi-level bond market.

Firstly, the auditing standard and administrative supervision should be unified and standardized.

Secondly, there should be sufficient disclosure of information.

Thirdly, China should strengthen its follow-up supervision and improve on the system of the withdrawal of listed companies from securities market and provide real, legal protections to the legitimate investors.

Lastly, the development of the bond market should focus on the qualified institutional investors and over the counter market and establish the investment grade bond market and the multi-level bond market system.