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In recent years, the Chinese government has highly emphasized the development of bond market, which plays an important role during the development of macro-economy and finance sector in China, especially on some crucial steps concerning national economy and the people’s livelihood, as well as reforms in banking industry and the financial innovations. However, the bond market is smaller compared with its counterparts abroad, and its structure is much simpler. To promote the development of bond market, credit rating is very important, which has been hotly discussed during and after the recent financial crisis. This paper discusses the credit rating of bond in China, particularly the short-term financing bonds (STFBs). Our results reveal that almost all credit ratings for STFBs are A-1, the highest rating, which cannot provide investors with effective information, thus being consistent with some critical voices. However, the credit ratings for issuing firms exhibit significant difference so that they are reliable benchmarks for bond investors, and credit ratings indeed reflect the risk of issuing firms in China. Our paper provides more information for foreign and domestic investors about the bond market and the credit rating in China, and gives answer to the question about efficiency of bond rating in China. We provide some evidence for the reliability of rating in China though it is still in its early stage.
With the globalization of the world economy
and the integration of development, trade in services has become an important
driving force and source of the current international economic and trade
growth. Since joining WTO in 2001, China’s service trade opening steadily
expanded, the status of service trade in the foreign trade of the gradual
increase in the Chinese. Although China’s service trade has a rapid development,
from an overall point of view, the development still remain relatively backward
with low level of opening. What’s more, compared with the world service trade
power, there is a very big disparity between them. This paper expounds the
present situation of the development of service trade in China, analyzes the
existing problems, and puts forward some countermeasures and suggestions to
promote China’s service trade development.