Six years ago, China’s central bank governor Zhou Xiaochuan said the country’s corporate bond market was in a “deep coma”.
He warned that its underdevelopment posed serious risks to the mainland economy. Back then, Chinese companies were raising the equivalent of just $8bn a year from bond sales.
Fast forward to 2011 and the market has grown almost 20-fold: with 503 companies issuing a total of $137bn so far this year, according to Dealogic.
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