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Bond market development and the transformation of China’s financial system

The financial system in China has long been dominated by banking intermediation, as in many other developing and emerging economies. However, the last few years have seen a remarkable rise in non-bank credit, both through other types of intermediation (such as trust companies and wealth management products, often referred to as shadow banking entities in the Chinese policy debate), and through the issuance of bonds by financial and non-financial corporate issuers.

The transformation of the Chinese financial system is of growing importance for European policy-making, because China represents an increasingly significant share of the global financial system and because Chinese policy orientations are increasingly important inputs in shaping global financial policy initiatives. This session provided an opportunity to take stock of this transformation and to debate its lessons and implications for European policy.


Speaker - Michael Ye (Min Ye) manages the offices and affiliate relations of Moody’s Investor Service in the Asia Pacific region and monitors regulatory developments there. He joined Moody’s in 1994 and, among other positions, has led the firm’s structured finance group in Hong Kong and its Chinese affiliate, China Chengxin International Credit Rating Co. Ltd. (CCXI) in Beijing. He holds graduate degrees in electrical engineering from Tsinghua University Beijing and a PhD in electrical and computer engineering from Carnegie Mellon University (Pittsburgh).

Discussant - Xu Qiyuan joined Bruegel as a Visiting Fellow from the Chinese Academy of Social Sciences (CASS) in 2013. At CASS he has been a Senior Fellow at the Institute of World Economics and Politics, the Secretary-General of the Research Center for International Finance, and a consultant for the International Department of the Chinese Ministry of Finance.

Chair - Guntram Wolff, Deputy Director of Bruegel

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