China bond laws 'a problem' for investors
Economic reforms in China have gathered pace in recent years. But the country’s bond markets remain hampered by significant structural problems, including state-administered interest rates and a murky legal system subject to government interference.
Deng Xiaoping, the former Communist Party leader who instigated China’s ‘reform and opening up’ programme in 1978, described the country’s gradual transition to a market economy in poetic terms. China, Deng said, was “crossing the river by feeling for the stones.” The metaphor was apt: though China has seen stellar GDP growth over the last three decades, the adoption of the measures needed to encourage the development of domestic capital markets has been tentative at best.
Though there have been
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