China's bond market is destined to play an increasingly important role, both at home and abroad. And the inclusion of … as well as challenges for policymakers and investors alike. This calls for a good understanding of China's bond market … segments of China's bond market, from sovereign, policy bank, and credit bonds, to the rapidly growing local government bond …

China's current account surplus has declined to around one-quarter the peak reached before the global financial crisis …. While this is a major reduction in China's external imbalance, it has not been accompanied by a decisive shift toward … investment so that it is now an even higher share of China's national economy. This increasing reliance on fixed investment as …