Pledged bond repos hold an overwhelmingly dominant position in China's bond market, while buyout repos—unlike on more mature international markets—have gained inadequate market attention and participation. With pledge repos, the bonds are frozen, thereby restricting trading activity and negatively impacting liquidity and the opening of the market to foreign investors. Buyout repos, with transfer collateral, are the main manner of trading on foreign markets. Their characteristics of clear property rights and convenient bond lending are of significant value in safeguarding the interests of bondholders. They also improve the market's trading function, boost market liquidity, promote the transmission of monetary policy and contribute to a high-degree of opening of the bond market. This paper puts forward policy suggestions, such as improving market infrastructure, establishing a positive incentive mechanism, stimulating market vitality, strengthening risk management and perfecting the default disposal mechanism.

The report of the 20th National Congress of the Communist Party of China pointed out that "many major problems must be solved to prevent financial risks". The stock market plays an important role in the financial system. Preventing and resolving systemic risks in the stock market are important issues. Based on assessments of the extreme risk events that have occurred in China, this paper analyzes the trading system of China's stock market and explains how the price limit system and the unreasonable circuit breaker system can catalyze stock market risks. This paper also offers suggestions for reforming the stock market trading system.

This paper reviews the development history of OTC derivatives in China over the past two decades and examines the international experience and the current characteristics of China's financial market. The paper also identifies two problem areas: legal protections in the market and support for the real economy. It puts forward some reform strategies and makes suggestions for deepening the market's development in terms of expanding the range of participants, hedging interest rates and credit risks, improving bank asset and liability management, and expanding agency clearing business.

This paper introduces the development process and characteristics of China's interest rate derivatives market. It also summarizes the Shanghai Pudong Development Bank's active participation in the construction of the interest rate derivatives market. This paper puts forward some policy suggestions, such as broadening the application scope of centralized clearing, developing the management service of bond collateral, introducing more types of interest rate options, enriching the linked targets, and deepening the domestic and overseas market communication mechanism for interest rate derivatives.

Green bonds are an important factor in achieving sustainable development in China and accelerating a green and low-carbon transformation of the nation's economy. This paper summarizes research literature on China's domestic green bonds and combines it with a review of international experience with these financial instruments. It also assesses the future potential of green bonds in China.