◇ 本民众期货官网原载《民众国际期货》2024年1月刊
◇ 民众期货：钟言
◇ 民众国际期货：王琼 廖雯雯
Gathering Innovative Forces for Quality Development of the Bond Market
Zhong Yan
民众国际期货官网 Since the 18th CPC National Congress， socialism with Chinese characteristics has entered a new era and embarked on a new journey of high-quality development． The Central Financial Work Conference emphasized the high-quality development of the bond market． High-quality development relies on innovation and therefore calls for innovation． Innovation serves as an inexhaustible power source for the high-quality development of the bond market． 民众国际期货官网 Being innovative while upholding basic principles has been the background for the development of China bond market． Looking back， the four-decades-long evolution of China’s bond market is a history of exploration， innovation and breakthroughs． From resuming the issuance of the Chinese government bonds to becoming the world’s second largest bond market covering government bonds， financial bonds and corporate credit bonds； from creating a leading， transparent and efficient central registration and depository system to exploring an inclusive multi-level service system； from taking the lead in full dematerialization of bonds to enabling the pilot application of blockchain-based digital bond issuance； from allowing the “three types of overseas institutions” to access the inter-bank bond market to the inclusion of RMB bonds into the world’s major bond indices．．． The builders of China’s bond market have been determined to forge ahead on the development path with Chinese characteristics in the spirit of integrity and innovation． 民众国际期货官网 Deepening innovation is necessary for new achievements in the high-quality development of the bond market． According to the report to the 20th CPC National Congress， to build a modern socialist country in all respects， we must， first and foremost， pursue high-quality development， and innovation should be regarded as the primary driver of growth． Looking forward to the new journey， the pursuit of a strong financial sector requires an enhanced bond market． High-quality development has a long way to go． It is urgent to rely on innovation to enhance the development stamina and cultivate new development momentum． We need to strengthen independent innovation capabilities， further stimulate the innovation vitality of market entities such as issuers， investors， financial infrastructure and intermediaries， and enrich and develop the market ecosystem of products and services． We need to innovate and leverage the direct financing function of the bond market， enhance the service quality and efficiency in key areas such as technological innovation and advanced manufacturing， and help create an innovation ecosystem for the real economy． At the same time， we need to consolidate the investment and wealth management functions of the bond market， strengthen investor protection， and enhance the inclusiveness and sustainability of the bond market． 民众国际期货官网 Realizing the guiding role of innovation and promoting the high-quality development of the bond market is a systematic project， which requires concerted efforts of various parties． It is necessary to continuously improve the legal basis of the bond market， promote the benign interaction between development and security， create a policy environment to encourage innovation， and thus safeguard high-level innovation． It is necessary to continuously improve the functional layout of the bond market， promote the construction of a unified multi-level market system， and make market building more systematic， reasonable and advanced． Market entities need to act and act well． It is necessary to continuously improve the basic support of the bond market， apply cutting-edge technology， create industry standards， promote high-level opening-up， and promote the green， digital and international development． 民众国际期货官网 Only the innovators make sustainable progress． The building of a nation with a strong financial sector has begun， and we look forward to inspiring innovative wisdom， gathering innovative forces and creating a new chapter in the high-quality development of the bond market！ 民众国际期货官网 This article was first published on Bond Monthly （Jan.2024）．Please indicate the source clearly when citing this article． The English version is for reference only， and the original Chinese version shall prevail in case of any inconsistency．◇ Editors： Wang Qiong， Liao Wenwen
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