债券市场助力高质量发展（附英文版）

2023年10月末召开的中央金融工作会议提出要做好科技金融、绿色金融、普惠金融、养老金融、数字金融五篇大文章，为推进金融高质量发展及持续提升金融服务实体经济质效指明了方向。债券市场是金融体系的重要组成部分，可进一步发挥债券市场功能，助力金融高质量发展。

债券市场助力科技金融。从发行端来看，科技企业相关债券品种陆续推出，引导资金流向科技领域，可有效满足科技企业融资需求。从投资端来看，资管机构等投资者投资科技企业债券可丰富其资产配置，分享科技企业成长收益。未来，可进一步完善风险分担、中介机构选择、第三方估值等相关配套机制，有效促进科技、产业、金融良性循环。

债券市场助力绿色金融。其一，绿债发行人类型不断丰富，金融机构和非金融企业通过发行绿债获取资金，服务碳达峰、碳中和长期目标。其二，绿色投资理念逐步建立，更多投资者将环境效益等因素纳入债券投资考量体系，助力降低绿债融资成本。其三，绿色标准体系日益完善，绿债环境效益信息披露体系等标准陆续发布，助力提升绿债市场信息透明度。

债券市场助力普惠金融。一方面，债券市场陆续推出中小企业私募债等品种，直接支持中小微企业；通过专项金融债等支持银行服务中小微企业，助力解决融资难问题。另一方面，债券市场不断探索风险分担和风险补偿机制，降低中小微企业融资成本，助力解决融资贵问题。未来，可进一步完善多层次债券市场体系，探索高收益债市场建设，为中小微企业提供更好的融资服务。

债券市场助力养老金融。养老投资方面，债券市场助力相关机构优化资产配置。如养老保险、个人养老理财等资管产品可投资债券获取稳定收益，满足投资需求。养老融资方面，债券市场是相关企业获取资金的重要场所。如优质养老服务企业可发行信用债融资，运作成熟、现金流稳定的项目可发行资产支持证券融资，金融机构可发行金融债以支持养老企业发展。

债券市场助力数字金融。服务实体方面，债券市场为数字经济相关产业提供融资服务，数字技术企业通过募集资金可发展关键核心技术，推动数字化转型，助力构建新发展格局。市场发展方面，债市基础设施与数字技术相融合，在债券发行、信息披露、担保品管理等方面，探索应用大数据、人工智能、区块链等数字技术，赋能债券市场数字化发展。

中央金融工作会议为金融高质量发展明晰了“路线图”。作为实体经济融通资金的重要场所，债券市场将为经济社会发展提供高质量服务，持续做好五篇大文章，助力金融强国建设。

◇ 本文原载《债券》2023年12月刊

◇ 作者：钟言

◇编辑：唐洁珑　刘颖

BondMarketBackingupHigh-qualityDevelopment

ZhongYan

TheCentralFinancialWorkConferenceheldattheendofOctober2023emphasizedfivemajorsectors，namely，technologyfinance，greenfinance，inclusivefinance，pensionfinanceanddigitalfinance，whichpointedoutthedirectionforpromotinghigh-qualityfinancialdevelopmentandimprovingthequalityandefficiencyoffinancialservicesinsupportingtherealeconomy．Thebondmarketisanimportantcomponentofthefinancialsystem，whichcanbefurtherleveragedinpursuitofhigh-qualityfinancialdevelopment．

Thebondmarketcansupporttechnologyfinance．Fromtheperspectiveofissuance，variousbondvarietiesrelatedtotechnologyenterpriseshavebeenlaunched，guidingfundstothetechnologysectorandeffectivelymeetingthefinancingneedsoftechnologyenterprises．Fromtheperspectiveofinvestment，investorssuchasassetmanagementinstitutionsmaydiversifytheirportfoliosandbenefitfromthegrowthoftechnologyenterprisesbyinvestingintechnologyenterprise-issuedbonds．Goingforward，improvementscanbemadeinsupportingmechanisms，suchasrisksharing，intermediaryselectionandthird-partyvaluation，topromoteavirtuouscycleoftechnology，industryandfinance．

Thebondmarketcanassistgreenfinance．First，thetypesofgreenbondissuersareconstantlydiversified．Financialinstitutionsandnon-financialenterprisesobtainfundsthroughissuinggreenbondstoservelong-termgoalsofcarbonpeakingandcarbonneutrality．Second，theconceptofgreeninvestmentistakingshape．Agrowingnumberofinvestorsareincorporatingenvironmentalbenefitsandotherfactorsintotheirthebondinvestmentdecision-makingtohelpreducethecostsofgreenbondfinancing．Third，thegreenstandardsarebeingimproved．Greenstandardssuchasthegreenbondenvironmentalbenefitdisclosureindicatorsystemhavebeenreleased，helpingenhanceinformationtransparencyinthegreenbondmarket．

Thebondmarketcanpropelinclusivefinance．Ononehand，thebondmarkethasseenthelaunchofbondvarietiessuchasprivateplacementbysmallandmedium-sizedenterprisestoprovidedirectsupport．Specialfinancialbondshavealsobeenusedtosupportbanksinhelpingsmallandmedium-sizedenterprises．Ontheotherhand，explorationshavebeenmadeinthebondmarkettopromoterisksharingandcompensation，thusreducingfinancingcostsforsmallandmedium-sizedenterprises．Inthefuture，effortscanbemadetoimprovethemulti-levelbondmarketsystemandexplorethedevelopmentofahigh-yieldbondmarket，soastoprovideenhancedfinancingservicesforsmallandmedium-sizedenterprises．

Thebondmarketcanboostpensionfinance．Intermsofinvestment，thebondmarkethelpsrelevantinstitutionsoptimizeassetallocation．Assetmanagementproductssuchaspensioninsuranceandpersonalpensionwealthmanagementcaninvestinbondstoobtainstablereturnsandmeetinvestmentneeds．Intermsoffinancing，thebondmarketisanimportantplaceforrelatedenterprisestoobtainfunds．Forexample，high-qualityelderlycareserviceenterprisescanissuecreditbondsforfinancing，matureprojectswithstablecashflowscanissueasset-backedsecurities，andfinancialinstitutionscanissuefinancialbondstosupportthedevelopmentofelderlycareenterprises．

Thebondmarketsupportsdigitalfinance．Intermsofsupportingtherealeconomy，thebondmarketprovidesfinancingservicesforindustriesrelatedtothedigitaleconomy．Digitaltechnologyenterprisescandevelopkeycoretechnologiesafterfundraising，promotedigitaltransformationandhelpbuildthenewdevelopmentpattern．Intermsofmarketdevelopment，thebondmarketinfrastructurecanutilizedigitaltechnologiestoempowerdigitaldevelopmentofthebondmarket，byexploringtheapplicationofbigdata，artificialintelligence，blockchainandotherdigitaltechnologiesinbondissuance，informationdisclosureandcollateralmanagement．

TheCentralFinancialWorkConferencehasprovidedaclear“roadmap”forhigh-qualityfinancialdevelopment．Asanimportantvenueforthefinancingoftherealeconomy，thebondmarketwillprovidehigh-qualityservicesforeconomicandsocialdevelopment，sparenoeffortstosupportthefivemajorsectorsandhelpbuildastrongfinancialsector．

◇ Editors：TangJielong，LiuYing