In 2021，in the face of multiple internal and external challenges，including a complex international environment and the COVID-19 pandemic，China’s economy continued to recover and become more resilient. China’s bond market experienced double weather，the bond market interest rate shock down throughout the year，10-year Treasury bond yield down 40.26BP，showing a stage bull market pattern；At the same time，the default risk keeps rising，the scale of default remains historically high，and presents new default characteristics.

From the perspective of bond default risk，the scale of bond default in 2021 continues to remain high，mainly showing the following characteristics：Among the subjects of bond default，the proportion of defaults of highly rated state-owned enterprises continues to rise；In the industry，the real estate industry bond defaults the highest；Bond defaults of listed companies hit a new high；As the linkage between domestic and foreign risks intensifies，the default risk of Chinese DOLLAR bonds intensifies. The potential credit risk of enterprises is increasing.

From the bond market interest rate trend，2021 bond market interest rate shock down，domestic economy inverted “V” type trend to promote bond market strength. In the first half of 2022，the policy of stabilizing growth was strengthened，local government bonds were issued ahead，and interest rates in the bond market showed a narrow range and fluctuated.

Looking ahead to the second half of the year，bond market interest rates may be range-bound on the background of increasing economic resilience and prudent monetary policy. However，the risk level of bond default is still high，which needs to be focused on prevention. First，the maturity scale of credit bonds in the second half of the year is still at a high level，and liquidity risks need to be focused on. Second，private enterprises still need to focus on，although the regulatory authorities issued a series of relevant policies to expand financing channels for private enterprises，but the resources are mainly concentrated in the head of private enterprises. Third，the real estate industry within the year domestic and foreign bond maturity repayment pressure is still large，on the one hand，the early local actively introduced policies to help the property market，from the implementation of the policy to the effect，restore market confidence still need a certain amount of time；On the other hand，under the background of continued real estate regulation，the default risk of small and medium-sized real estate enterprises in the second half of the year is still large. Fourth，as the correlation between the Chinese DOLLAR bond market and the domestic market becomes increasingly stronger，joint monitoring and risk prevention and control at home and abroad should be strengthened in the future，especially for credit subjects such as asset freeze and overseas bond extension in the early stage.