The issuance amount of asset-backed securities (“ABS”) increased significantly to RMB1,995.2 billion with year-on-year growth of 5 billion in 2018. 1,762 of the total 2,660 issued ABS were assigned credit ratings, among which ABS with ‘AAA’ ratings accounted for the highest proportion at 48.01%. Most of the ABS showed a good credit performance due to the structural credit enhancements.