Finance Ministers of Kazakhstan and China Discuss Capital Markets and Panda Bonds

The talks took place on the sidelines of the Second Tian Shan Central Asia Economic Cooperation Forum.

How many Panda bonds has Kazakhstan issued this year?

According to the Ministry of Finance, Takiyev expressed gratitude to the Chinese side for successfully executing two sovereign Kazakh Panda bond issues in 2026, totaling 10 billion yuan. He noted that favourable financing conditions and strong investor demand marked a significant milestone in advancing financial cooperation between the two nations.

What areas of cooperation were discussed by the ministers?

The ministers discussed strengthening inter-agency cooperation, developing capital markets, improving access to investment capital, and supporting joint economic projects. Takiyev stressed that Kazakhstan places high importance on comprehensive cooperation with China founded on mutual trust and respect.

Key topics included:

partnership within multilateral financial institutions, notably the initiative to establish the Shanghai Cooperation Organisation (SCO) Development Bank;
expanding cooperation in the Chinese capital market;
putting into practice the inter-agency Memorandum of Understanding signed in July, covering knowledge-sharing in tax administration, public finance management, and financial technology.

The press release also mentioned the implementation of infrastructure projects, without naming specific assets.

What was highlighted at the regional investment session?

The forum hosted an "Investments in Central Asia" panel session opened by Kazakhstan's Vice Minister of Finance Dauren Kenbeil. He stated that Central Asia has entered a new phase of international economic development, where rising interest from global players and growing "Central Asia+" formats create fresh avenues for trade ties, economic integration, and international capital inflows.

FAQ

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### How many sovereign Panda bond placements did Kazakhstan complete this year?
According to the Ministry of Finance, two sovereign issuances were completed, raising a combined 10 billion yuan.

### Was the SCO Development Bank mentioned during the talks?
Yes. Madi Takiyev identified the proposed SCO Development Bank as a key focus area in cooperation with international financial institutions.

### What is covered in the July memorandum of understanding?
It is an inter-agency memorandum signed between the two finance ministries. Kazakhstan suggested speeding up its rollout, focusing on sharing expertise in tax administration, budget management, and fintech applications.

### Were any new financing commitments announced?
The official release did not mention any new financing commitments or transaction figures.

### Is this news related to China?
Yes. The negotiations were held with China's Minister of Finance and addressed sovereign bond issuance in the Chinese capital market. Because no new deals were announced, no further inferences are made in this article.

Sources

Ministry of Finance of the Republic of Kazakhstan (gov.kz), 2 November: https://www.gov.kz/memleket/entities/minfin/press/news/details/1322346?lang=ru

Illustration: AI-generated, not a real photograph.