Chinas Capital Markets-The changing landscape 1 Contents Executive summary Equity markets The changing investor landscape Regulatory changes Case study 14 William Kwok, Ping An Securities Bond mark Trading in bond markets Development of the credit rating industry in China Recent innovations Openness and enhancement 24 Sandra Lu llinks law firm Derivatives markets Peter Zhang, China Banking Regulatory Commission Outlook for the next decade 29 Registration and tax guide Glossary of terms About FTSE About d About KPmg 0 2011 KPMG, a Hong Kong partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG international"), a Swiss entity. All rights reserved.Contents 2 3 5 14 15 24 25 28 29 31 32 33 34 35 36 Introduction Executive summary Equity markets - The changing investor landscape - Recent innovations - Regulatory changes Case study - William Kwok, Ping An Securities Bond markets - Trading in bond markets - Development of the credit rating industry in China - Recent innovations - Openness and enhancement Case study - Sandra Lu, LLinks Law Firm Derivatives markets Case study - Peter Zhang, China Banking Regulatory Commission Outlook for the next decade Appendix - Registration and tax guidelines for QFIIs Glossary of terms About FTSE About Dagong About KPMG Contact us © 2011 KPMG, a Hong Kong partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2011 KPMG, a Hong Kong partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. China’s Capital Markets - The changing landscape | 1