As China’s financial sector continues to mature, its bond market will play an increasingly important role in allocating savings and investment and allowing for greater diversification of assets. At the same time, the inclusion of Chinas bonds in global indices will be another milestone in the country’s integration into global capital markets, with implications for investors and policymakers alike. More than ever, these developments call for a good understanding of China’s bond market structure, unique characteristics, and future reform areas, all of which are comprehensively studied in this book. What makes this book truly unique is that it brings together authors from many IMF departments (Asia and Pacific, Monetary and Capital Markets, Research, Fiscal Affairs, and Capacity Development) as well as the People’s Bank of China, the China Securities Regulatory Commission, the Ministry of Finance, the China Central Depository and Clearing Co., Ltd., the Hong Kong Monetary Authority, the private sector, and academia. Only through this collaborative effort was it possible to combine rigorous analysis with detailed institutional knowledge, which is paramount to understanding China’s bond market.