Issuer: refers to the issuer who issues bonds to raise funds, including the government, the People's Bank of China, financial institutions and non-financial institutions with legal personality.

Investors: refers to financial institutions, non-financial enterprises, individuals and governments that subscribe for bonds. They are the providers of funds and are usually called creditors in the creditor-debtor relationship.

Intermediary: A bond intermediary refers to an institution that provides services for bond issuance and communicates bond issuers and investors. Bond intermediaries mainly include underwriters, trustees, property guarantors, accounting firms and law firms.

Self-regulatory organizations: including stock exchanges, dealers associations, securities associations, securities registration and settlement institutions, securities investor protection funds, etc.

Regulators: including China People's Bank, China Securities Regulatory Commission, China Banking Regulatory Commission, etc.