◇ 本民众期货官网原载《民众国际期货》2023年12月刊
◇ 民众期货：钟言
◇ 民众国际期货：唐洁珑 刘颖
Bond Market Backing up High-quality Development
Zhong Yan
民众国际期货官网 The Central Financial Work Conference held at the end of October 2023 emphasized five major sectors， namely， technology finance， green finance， inclusive finance， pension finance and digital finance， which pointed out the direction for promoting high-quality financial development and improving the quality and efficiency of financial services in supporting the real economy． The bond market is an important component of the financial system， which can be further leveraged in pursuit of high-quality financial development． 民众国际期货官网 The bond market can support technology finance． From the perspective of issuance， various bond varieties related to technology enterprises have been launched， guiding funds to the technology sector and effectively meeting the financing needs of technology enterprises． From the perspective of investment， investors such as asset management institutions may diversify their portfolios and benefit from the growth of technology enterprises by investing in technology enterprise-issued bonds． Going forward， improvements can be made in supporting mechanisms， such as risk sharing， intermediary selection and third-party valuation， to promote a virtuous cycle of technology， industry and finance． 民众国际期货官网 The bond market can assist green finance． First， the types of green bond issuers are constantly diversified． Financial institutions and non-financial enterprises obtain funds through issuing green bonds to serve long-term goals of carbon peaking and carbon neutrality． Second， the concept of green investment is taking shape． A growing number of investors are incorporating environmental benefits and other factors into their the bond investment decision-making to help reduce the costs of green bond financing． Third， the green standards are being improved． Green standards such as the green bond environmental benefit disclosure indicator system have been released， helping enhance information transparency in the green bond market． 民众国际期货官网 The bond market can propel inclusive finance． On one hand， the bond market has seen the launch of bond varieties such as private placement by small and medium-sized enterprises to provide direct support． Special financial bonds have also been used to support banks in helping small and medium-sized enterprises． On the other hand， explorations have been made in the bond market to promote risk sharing and compensation， thus reducing financing costs for small and medium-sized enterprises． In the future， efforts can be made to improve the multi-level bond market system and explore the development of a high-yield bond market， so as to provide enhanced financing services for small and medium-sized enterprises． 民众国际期货官网 The bond market can boost pension finance． In terms of investment， the bond market helps relevant institutions optimize asset allocation． Asset management products such as pension insurance and personal pension wealth management can invest in bonds to obtain stable returns and meet investment needs． In terms of financing， the bond market is an important place for related enterprises to obtain funds． For example， high-quality elderly care service enterprises can issue credit bonds for financing， mature projects with stable cash flows can issue asset-backed securities， and financial institutions can issue financial bonds to support the development of elderly care enterprises． 民众国际期货官网 The bond market supports digital finance． In terms of supporting the real economy， the bond market provides financing services for industries related to the digital economy． Digital technology enterprises can develop key core technologies after fundraising， promote digital transformation and help build the new development pattern． In terms of market development， the bond market infrastructure can utilize digital technologies to empower digital development of the bond market， by exploring the application of big data， artificial intelligence， blockchain and other digital technologies in bond issuance， information disclosure and collateral management． 民众国际期货官网 The Central Financial Work Conference has provided a clear “roadmap” for high-quality financial development． As an important venue for the financing of the real economy， the bond market will provide high-quality services for economic and social development， spare no efforts to support the five major sectors and help build a strong financial sector．◇ Editors： Tang Jielong， Liu Ying
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