As of end-2018, the overall recovery rate in the onshore public bond market was around 15.46%, which was lower than the rate in 2017 (28.11%). The decrease in the recovery rate was mainly due to a large number of defaults and a shorter time for asset disposal. However, the recovery rate on the 31 defaulted bonds that have already gone through the recovery process was around 98.34%, which was at a similar level to 2017 (99.24%).