For a sense of the peculiar nature of China’s financial system, look no further than its nascent bond market. Amid a turf war between the regulators that control different parts of the market, issuance has surged to record levels.
要想了解中國金融體系的特性，只消看一看其剛剛起步的債券市場。隨著負責市場不同領域的監管部門之間的地盤之爭，債券發行量激增至創紀錄的水準。
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