The Ministry of Finance of the People's Republic of China (MoF) has recently released the ranking of an underwriting syndicate for the book-entry Chinese Government Bond (CGB) in the first half of 2023, CICC was honored to rank first among securities companies. 

In 1H23, China continued stepping up its fiscal efforts, with coverage moderately expanded and policy efficiency strongly enhanced, providing sustained support to weak links and key areas of economic and social development. As a member of the underwriting syndicate for the book-entry CGBs, CICC has firmly fulfilled its responsibilities in underwriting and market-making. We have continued to strengthen our efforts to meet the regional demand, reaching out to county-level institutions and rural banks, and leading our services to as many regions in China as possible. We have successfully serviced 30 provinces, autonomous regions, and municipal institutions to win bids for CGBs. At the same time, we have also leveraged our international presence to provide services for central banks and sovereign institutions along the "Belt and Road" routes multiple times in participating in CGB issuances. As one of the leading market makers in China, CICC has also been improving the quality and efficiency of the CGB secondary market through market-making, ranking first for ten consecutive quarters in book-entry CGB spot trading volume in the underwriting syndicate in 1H23, which has provided strong support with the building of the CGB market. 

CICC will continue to fulfill its responsibilities as a market maker and underwriter to contribute more to the development of the CGB market, boosting the sustained economic recovery and contributing to high-quality growth in China.