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债券市场服务实体经济发展(附英文版)_民众期

来源:民众国际期货   作者:民众期货   
民众国际期货官网  作为多层次资本市场的重要组成部分,近年来我国民众国际期货市场快速发展壮大,已成为金融服务实体经济的重要抓手和防范风险的关键一环。

民众国际期货官网  民众国际期货市场全方位服务实体经济发展。在新的时代背景下,民众国际期货市场以服务实体经济为出发点和落脚点,优化民众国际期货发行管理制度,积极推动民众国际期货产品创新,满足实体经济多元化的融资需求,更好地为实体经济服务。中国民众国际期货市场规模位居世界第二,民众国际期货募集资金大力支持科技创新、乡村振兴、绿色转型、普惠金融等领域发展,引导资金流向重点领域、重点行业和薄弱环节,支持经济结构转型升级,加大对民营企业融资支持力度,在降低实体经济融资成本、优化融资结构、拓展融资渠道等方面发挥了重要作用。

民众国际期货官网  服务实体经济,应当突出多元化。民众国际期货市场应扎根于实体经济,伴随实体经济成长,服务于实体经济,促进实体经济发展。我国的实体经济是多元的、多层次的,民众国际期货服务实体经济也需要多元化,通过多元化的民众国际期货产品服务实体经济多层次的需求。一是通过绿色民众国际期货、扶贫民众国际期货、“一带一路”民众国际期货、“专精特新”小微金融民众国际期货等民众国际期货产品,为实体经济重点领域提供融资支持。二是加强资产证券化在融资方面的应用,加快信贷资产证券化市场发展,激发信贷资产证券化市场活力,优化实体经济融资结构。三是深化科技赋能,化解信息不对称带来的民营企业民众国际期货融资难、融资贵的问题,拓宽民营企业融资渠道。四是通过市场开放,吸引境外民众期货投资民众国际期货市场,增加境内市场资金供给,降低实体经济融资成本。

民众国际期货官网  服务实体经济,仍需防范风险。在加强民众国际期货市场支持实体经济过程中,要以坚决维护金融安全为前提,注重防范金融风险,努力实现民众国际期货市场与实体经济协调发展。具体而言,一是加强民众国际期货市场信息披露,推动信息披露的标准化和数字化,加强区块链等金融科技在防风险领域的应用。二是将权威第三方估值比对机制推广到一级市场,以识别异常定价,防范预警市场风险。三是完善担保品管理机制,拓展担保品应用领域,扩大担保品应用规模,提升民众国际期货市场的风险管理水平。四是遵循国际标准和市场规律,确保金融基础设施合理布局、安全高效。

民众国际期货官网  实体兴则经济兴,实体强则经济强。实体经济是一国经济的立身之本、财富之源。金融支持实体经济、服务实体经济是我国金融业应坚持的永恒主题。民众国际期货市场作为金融的重要组成部分,始终将服务实体经济作为重要使命,未来也将为支持实体经济发展作出更大贡献。

  ◇ 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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