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中国城投债的发展不仅能够满足城市化进程中地方政府对城市建设资金的巨大需求,也有利于中国债券市场结构的优化和融资结构的优化。但城投债的发展也面临五大风险:发债主体赢利风险、注入资产风险、外部增信风险、信用评级风险和地方政府风险。做好城投债发行承销工作,有利于商业银行做大做强投资银行业务,推动银行经营与盈利模式转型。
The development of China City’s bond investment not only meets the huge demand of local government for urban construction funds in the process of urbanization, but also helps to optimize the structure of China’s bond market and the financing structure. However, the development of city bonds also faces five major risks: the main risk of debt issuance, asset injection risk, external credit risk, credit rating risk and local government risk. Doing the work of underwriting the issuance of bonds in cities is conducive to making commercial banks bigger and stronger in investment banking and promoting the transformation of banking operations and profitability.