ICMA now has more than 30 members in China including banks, securities firms, law firms, rating agencies, accounting firms and infrastructure operators.

ICMA has a long established cooperation with the China’s National Association of Financial Market Institutional Investors (NAFMII) and since 2010 has worked with them to assist in the development of standards for the onshore interbank bond market as this market continues to grow in volume, attract new entrants, and diversify its products.

In particular, as part of the UK-China Economic and Financial Dialogue, ICMA and NAFMII continue to co-host two working groups on this year’s subjects: (i) recommendations to onshore policy makers on implementing trustee/agency structures in the domestic capital markets, based on international practice; and (ii) to develop a market development toolkit covering foreign investment in Chinese domestic bond markets and further expansion of the foreign issuer base in the panda bond market, respectively.

ICMA is now regarded as a key partner for policy makers and market participants in debt capital markets in China, as an authority on standard setting in the international capital market, particularly in areas such as primary markets, repo markets and green bonds where much of the international growth is coming from. ICMA also acts as a bridge between market infrastructures and international investors to advise on the improvement of Bond Connect and other schemes.

The 2018 Green and Social Bond Principles AGM and Conference was successfully held in Hong Kong, for the first time in Asia, jointly organized with the Hong Kong Monetary Authority.

ICMA substantially contributed to the development of green bond regulations and policies both in mainland China and Hong Kong, to help ensure such policies on green finance are as consistent as possible with international norms.

ICMA continues to work closely with an affiliate of the National Development and Reform Commission’s training center on the Corporate Finance Certification in China, which started in 2013. Enrolment is growing and there are now more than 1,000 candidates each year.

Contact: Ricco Zhang ricco.zhang@icmagroup.org