Building a future for Chinese securitisation

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Until recently the development of China's bond and securitisation markets was sluggish at best. An absence of standardised tax rules, inefficiencies in the legal system and a history of state-directed credit where the government has prioritised lending schemes for state banks and state-owned enterprises all combined to make issuers reluctant to look outside of the bank loan markets.

But new regulations published by the China Banking Regulatory Commission (CBRC) in November last year hav

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