Many borrowers can claim some sort of link with the central government in Beijing, however tenuous that may be. : Many borrowers can claim some sort of link with the central government in Beijing, however tenuous that may be Understanding the relationship between bond issuers and China’s central government is one of the most important issues an investor must master before venturing into the $12 trillion local-currency bond market — the third largest in the world after the US and Japan. Many borrowers can claim some sort of link with the central government in Beijing, however tenuous that may be.