By May 28, 2013, the outstanding volume of debt financing instruments exceeded RMB 5 trillion, maintaining a robust trend with annual growth of over one trillion for five consecutive years. Currently, the debt financing instrument market has basically formed a market system which features diversified participating entities, diverse modes of distribution and more complete product structures, and has effectively played an important role in supporting the real economy. After the recent several years of development, the proportion of direct financing among Chinese enterprises increased significantly, and the bond to credit financing ratio has risen from 1:50 in 2006 to the current 1:4.

Currently, the debt financing instrument market has become an important channel for Chinese enterprises to source direct financing, covering major industries and regions supported by the national industrial policies and regional development policies. To date, pillar industries of the national economy such as energy and transportation have accumulatively raised more than RMB 4 trillion; more than 500 modern agriculture and small and micro enterprises have issued nearly RMB 500 billion worth of debt financing instruments; nearly RMB 400 billion has been raised to support the local economic development in Tibet, Sichuan, Yunnan, Gansu, Qinghai and other Tibet-related regions; cultural enterprises have also gained more than RMB 200 billion of financial support through the issuance of debt financing instruments. The normative development of the debt financing market has further improved financial market functions in China, and has played an important role in supporting stable and rapid economic development, promoting economic restructuring, as well as accelerating the transformation of economic development modes.