This figure illustrates that China bond market has gone through tremendous development during the past ten years, which is an integral step of China financial reform. The first chart in figure one depicts the growing market capitalization scaled by GDP, from 38% in 2008 to 90% in 2017. The second chart shows that China bond market experiences a steady uprising trend relative to stock market, catching up the U.S. level which is about 130% in 2017.

Source: Handbook on China’s Financial System: Chinese Bond Market and Interbank Market, by Marlene Amstad and Zhiguo He

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