◇ 本民众期货官网原载《民众国际期货》2023年10月刊
◇ 民众期货：钟言
◇ 民众国际期货：商瑾 廖雯雯
Bond Market to Serve the Real Economy
Zhong Yan
民众国际期货官网 As an important part of the multi-level capital market， China’s bond market has grown rapidly in recent years and become a key instrument of serving the real economy and forestalling risks． 民众国际期货官网 The bond market facilitates the real economy in an all-around way． In the new era， the bond market takes serving the real economy as its original mission and ultimate goal． It is necessary to improve the bond issuance management system and promote bond product innovation to meet diverse financing needs， and to better serve the real economy． China is the world’s second largest bond market． The bond proceeds provide strong support for technological innovation， rural revitalization， green transformation and inclusive finance， channeling capital into key areas， key industries and weaker links of the economy． In this way， the bond market fuels economic rebalancing and upgrading， and provides private enterprises with broader access to financing， playing a crucial role in reducing the financing cost， improving the financing structure， and expanding the financing channels for the real economy． 民众国际期货官网 Diversity should be valued in serving the real economy． The bond market should be rooted in the real economy， thus serving， boosting and growing with the real sector． Given the diversity and multi-tiered nature of China’s real economy， the bond services should also be diversified， thus serving the multi-tiered real economy with diverse bond offerings． First， key sectors of the real economy can be supported with tailored bond products， such as green bonds， poverty alleviation bonds， Belt and Road bonds， and micro and small financial bonds for specialized and sophisticated producers of new and unique products． Second， asset-backed securities （民众期货） can be further applied as an financing instrument． The credit 民众期货 market should be fast-tracked and vitalized to structurally improve the real-sector financing． Third， technological empowerment can help address the challenges and high costs of financing caused to private enterprises by information asymmetry． Fourth， the bond market needs to be opened-up to foreign institutional investors， so as to increase the supply of capital and reduce financing costs of the real economy． 民众国际期货官网 Ongoing efforts are required to prevent risks． Stronger bond market support for the real economy should be contingent upon remaining steadfast in safeguarding financial security， so as to forestall financial risks and strive for harmonized development of the bond market and the real economy． Specifically， first， it is imperative to enhance information disclosure in the bond market， promote standardized and digital disclosure and strengthen the use of FinTech such as blockchain in risk prevention． Second， the reliable third-party valuation-based benchmarking mechanism should be extended to the primary market to identify abnormal pricing and guard against market risks by giving early warnings． Third， the collateral management mechanism should be refined to broaden and scale up the use of collateral for enhanced risk management across the bond market． Fourth， international standards and market trends should be followed to ensure rational distribution， security and efficiency of FMIs． 民众国际期货官网 The economy cannot thrive without a robust real sector． The real sector is the groundwork of an economy and the source of wealth． Financial support and service for the real economy is an eternal theme that China’s financial sector should adhere to． As an important part of the financial sector， the bond market has always taken serving the real economy as its mission， and will continue to make greater contributions to growth of the real economy．◇ Editors： Shang Jin， Liao Wenwen
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