Approved by the Ministry of Finance (MOF) and the Ministry of Civil Affairs (MOCA),National Debt Association of China (NDAC)was established in August 1991.NDAC is a self-regulatory and non-profit organization in the government bond industry with independent legal person qualification. NDAC is a membership institution with members from those intermediaries such as commercial banks, securities firms, insurance companies, asset management companies, trust and investment companies, investment funds management companies and rural credit co-operatives which are involved in underwriting government bonds. NDAC has at present 203 members.

The mission of NDAC is :to abide by the Constitution, laws and policies, social morality and customs; to uphold the Four-Basic-principle and reform-open policy; to enhance self-regulatory management in the industry and safeguard the members' legal rights and provide efficient services for members; to conduct market investigations and organize theory and policy studies so as to raise suggestions to government agencies and develop the government bond industry according to the framework of China's market economy; and to publicize the national debt policies and safeguard its good creditability so as to fulfill NDAC professional performances alongside with government agencies.

The national representative conference of NDAC members is the top organ of power and elects directors of NDAC. The board of directors is the executive body of the conference and takes the current responsibilities of leadership when the conference is adjourned. The secretariat is a body to deal with routine matters for the board of directors and is constituted of 5 functional departments: General affairs department, Membership management department, Research & development department, Training department, and Information & Consulting department.