46023-001: Innovative Small and Medium-Sized Enterprise Bond Financing and Investor Protection Mechanism

Project Data Sheet (PDS): Details

Description

The TA will help the government formulate strategies and implement concrete programs to promote SMEs access to finance by developing high yield bond market and appropriate investor protection mechanism. The TA will conduct a study on overall SME bond financing in PRC and international best practices to identify preconditions for successful development of high yield bond market. Based on this study, a roadmap for establishing effective policy measures will be prepared for high yield bond market development. Measures for diversifying and expanding investor base, building a proper legal framework, and designing a harmonized regulatory enforcement system will be explored and recommended. The TA will also explore possible investor protection mechanism through the comprehensive study on advanced economies with different legal system. Finally, the TA will also provide capacity building activities for relevant authorities and promote knowledge sharing through an international conference.

Impact

Increased access to finance for SMEs

Project Outcome

Description of Outcome

Development of a high-yield bond market and an enhanced investor protection mechanism in the PRC

Progress Towards Outcome

The TA is at the early stage of implementation. The recruitment of 1 internatinoal consultant (teal leader) and 2 national consultants have been completed.

Implementation Progress

Description of Project Outputs

Comprehensive report on innovative SME bond financing Road map with specific policy measures for development of high-yield bond markets, market infrastructure, and an appropriate legal and appropriate regulatory framework A research report on appropriate investor protection mechanisms for a high-yield bond market and policy recommendations Improved capacity of regulatory authorities to develop high-yield bond markets and investor protection mechanisms

Status of Operation/Construction or Implementation Progress

The recruitment of 1 internatinoal consultant (teal leader) and 2 national consultants have been completed. Inception meeting is planned to be held in the third week of Octoer.

Stakeholder Participation and Consultation

During Project Design

Ministry of Finance was consulted during the project design.

During Project Implementation

Regular meetings and consultations with EA and IAs are undertaken.

 

Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.

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