The China Fixed Income Summit organized by FianceAsia was successfully held on 26 September 2019 at The Ritz Carlton Hong Kong. As one of the one of the knowledge partners, China Chengxin International Credit Rating Company Limited (“CCXI”) and China Chengxin (Asia Pacific) Credit Ratings Company Limited (“CCXAP”) were being invited to the round table discussion “The economic factors, policies and regulations affecting China’s bond market”.
Yield hungry international fixed income investors are increasingly eyeing opportunities from China’s onshore and offshore bond markets. The summit examined various hot issues including Bond Connect, CIBM Direct, factors driving Chinese corporates to access the offshore market, the growth of panda bonds, the lure of Chinese NPLs, and the growing attractiveness of sustainable financing.
Ms. Ariel Yang, the Vice President of CCXI and Executive Director & CEO of CCXAP, was being invited as the one of the panelist. Other panelists including Mr. Pierre Van Peteghem, Treasurer of Asian Development Bank, Ms. Teresa Kong, Portfolio Manager of Matthews Asia, Mr. Haizhong Chang, Executive Director of Fitch (China) Bohua Credit Ratings, and Ms. Alison Tudor-Ackroyd, Managing Editor of FinanceAsia were joined together and held discussion on different topics, including the economic factors, policies and regulations affecting China’s bond market. Ms. Yang gave sharing on China tax cuts, China's bond defaults, etc. Ms. Yang mentioned that the default of Chinese bond market in 2018 has increased, however the overall default rate is 0.7%, which is much lower than the default rate of the international bond market in the past few years, and that the appropriate default will help the Chinese bond market structure to be more developed and completed.
Delegates from well know banks, financial institutions, corporations, domestic and international investors, regulatories and media were joined. Numerous of enthusiastic responses were received from the participants and many of them would like to have in-depth understanding of Chinese credit rating agencies and the CCX credit rating group.
CCXAP received a Type 10 License (Providing Credit Rating Services) from the SFC and is the first Chinese credit rating company from the Mainland operating in the international market. In recent years CCXAP is actively in expanding the overseas market with extensive client base covered over 20 industries. CCXAP aims to provide professional services and contribution to Chinese cross-border financing and financial connection along the Belt and Road.