Approved and registered by the Ministry of Finance (MOF), PRC and the organ which is responsible to manage and register mass organizations, National Debt Association of China (NDAC) was established in August 1991. NDAC is a self-regulatory and management unit in the government bond industry, and is a non-profit mass organizational juridical person. NDAC members are authorized by the Chinese Government and are all involved in government bond business. They are those financial institutions such as commercial banks, securities firms, insurance companies, asset management companies, trust and investment companies, investment funds management companies and rural credit unions, and other related intermediaries. NDAC has at present 180 institutional members. As divided by member grades，there are 41 managing director members，48 director members，91 ordinary members. As divided by areas of business, there are 84 commercial banks, 51 securities firms, 11 insurance and asset management companies, 15 investment funds management companies, 5 rural credit unions, 6 trust and investment companies, and 8 other institutions.

NDAC mission is : to abide by the Constitution, laws, rules and national policies, social morality and customs; to uphold the Party’s line，guiding principles and policies; under the Government’s integrated regulation, to promote self-regulatory management in the bond industry and safeguard the bond market order; to reconcile the internal relations in the industry and safeguard the members’ legal rights; to operate as a bridge between the Government and the members; to provide efficient services for the Government and the members and facilitate a healthy and steady development in the Chinese bond market.

NDAC main business scope is : I, to carry out self-regulatory managerial activities in national bond industry and organize supervision of members to implement laws, rules and policies of the Government, to practice self-regulation and fair operation in their business and to keep honesty and credibility; to raise penalty suggestions against those regulation-breaking members; II, to conduct related theoretical researches in areas of bonds, securities and finance, to launch academic exchanges and market researches, and to raise suggestions and advisory opinions to related government authorities; III, to propaganda the laws, rules and policies in the fields of bonds, securities and finance, to reflect the trends of the bond market, to collect, sort out, and release news and information of the bond industry from China and abroad, and to provide informative and consulting services to members and other investors; IV, to organize and implement domestic and overseas training programs for professionals, to foster a professional talent contingent and improve their overall working quality and managerial level; V, to strengthen the unity and co-operation among members, to organize business exchanges and co-operations between members and their counterparts at home and abroad; VI, to protect members' legal rights, to listen to and reflect their views and suggestions or complaints; VII, to coordinate with the government authorities to better develop the activities in national debt issuance, transaction, and repayment, and in the management of national debt underwriter group; to assist the government authorities in policy popularizing in financial management of national debt and financial institutions, in providing professional training and consultation services; VIII, to conduct other self-regulation, service and reconciliation work.