Researches & Commentaries

Supply of Special Bonds May Reach Peak After Delay, and Particular Attention to Potential Risks Is Required amid Market Expansion

10-year Government Bond Yields Might Fluctuate at Around 3.0%

Expected Intensified Transformation and Integration in LGFV Sector as China Tightens Regulation on LGBs

Difficulties in Economic Entities and Partial Financial Risks Draw Particular Attention when Macro Data Indicates a High Growth Rate

Structural Divergence in Urban Construction Investment Expected to Intensify, and Belief in Urban Construction Investment to Shatter amid Growth Control and Dissolution of Implicit Debts

Nearly RMB5 Trillion Special Bonds to be Issued, Government Should Forestall Risks in Future Expansion of Special Bonds after the Pandemic

Issuance Expected to Remain Active under Repayment Pressure of Mature Bonds, and Investors May Add New Bonds Issued by Quality Entities into Portfolios

Proactive Fiscal Policy Is Still Expectable, and Mitigation of Local Debt Risks May Be Further Ramped up

As the LGFV Bonds to Be Issued in 2021 May Reach RMB 4.3-4.6 Trillion, Particular Attention Needs to be Paid to the Structural Risks Possibly Arising from the Peak Maturity