Part 1 Overview I. Analysis of the macro environment for China's financial market development in 2014 1.1 Analysis of international economic and financial conditions 1.2 Domestic economic and financial conditions 2. Main features of fihina's financial market performance in 2014 2.1 Size of financial markets expanded markedly 2.2 Financial market structural adjustment gained momentum 2.3 Financial market innovations were launched continuously 2.4 Financial market regulations were further improved 2.5 Opening up proceeded stably 2.6 Capacity for supporting the development of the real economy was further enhanced 3. Outlook for China's financial market development in 2015 3.1 Rule-based financial market administration will be further strengthened 3.2 Financial market reform and innovation will continue to deepen 3.3 Financial market internationalization will be intensified Part II Money Market I. Interbank funding market 1.1 Performance of interbank funding market 1.2 Main features of interbank funding market performance 1.3 Outlook for interbank funding market development 2. Bond repo market 2.1 Performance of bond repo market 2.2 Main features of bond repo market 2.3 Outlook for bond repo market development 3. Commercial paper market 3.1 Performance of commercial paper market 3.2 Main features of CP market performance 3.3 Outlook for CP market development 4. Bill market 4.1 Bill market performance 4.2 Main features of bill market performance 4.3 Outlook for bill market development Part III Bond Market I. Overview of bond market performance 1.1 Performance of bond issuance market 1.2 Performance of bond trading market 2. Main features of bond market performance 2.1 Policy bank bonds and book-entry treasury bonds continued to account for the major bulks in issuance 2.2 Share of long-term bonds increased in the term structure of bond issuance 2.3 The annual turnover rate of spot bonds on the interbank market declined slightly 2.4 Debenture bonds issuance grew substantially 2.5 Debenture bond issue rates declined markedly 2.6 The band of yield fluctuation widened 2.7 The credit risk incidents increased 2.8 The credit spread of city construction investment bonds (CCI bonds) narrowed 2.9 Bonds with high credit ratings became a new means for liquidity management …… Part IV Stock Market Part VI Gold Market Part VII Futures Market Part VIII Financial Derivatives Market Appendix I Highlights of China's Financial Market Development, 2014 Appendix II China Financial Market Statistics