The specialized construction contract bond market has got into stagnation and the development of surety companies has been limited after the construction contract bond system has been implemented in China for over a decade. Based on the cultivation status of construction contract bond market, this paper presents the lack of regulation that is the main reason behind this stagnation. However, the current restraints hinder the performance of administrative regulation and industry self-regulation. Therefore, the establishment of re-surety system, letting the re-surety company fulfill the regulatory responsibilities, would be a governance innovation in China's specialized construction contract bond market. Further discussion is included about the re-surety system's basic framework, its major functions, public governance structure of the re-surety company as well as its initial access mechanism.
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