中国资产证券化衔枚疾进

Fast-Paced Development in China's Securitization Market

2014年中国资产证券化市场衔枚疾进,其中将对公贷款作为基础资产的信贷资产证券化产品(CLO)增长迅速,但住房抵押贷款证券化产品(MBS)发展迟滞。然而,迄今为止中国的资产证券化发展还面临诸多因素的掣肘。为此,中国政府应加快利率市场化改革,推动制定资产证券化专项法律,提高二级市场流动性,加快完善信息披露机制以及防范证券化过程中可能积累起来的潜在风险。

China's asset securitization market made major strides in 2014. Although the mortgagebacked securities business remained stagnant, there was rapid growth in collateralized loan obligations with enterprise credits as their underlying asset. However, China's securitization market still faces many constraints. The government needs to speed up interest rate liberalization, promote new regulations related to securitization and improve liquidity in the secondary market. It also needs to boost information disclosure and prevent potential risks accumulated in the process of securitization.