弘扬债市功能 管事大湾区发展（附英文版）

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　　◇ 作家：钟言

　　◇ 本文原载《债券》2024年11月刊

　　粤港澳大湾区（以下简称“大湾区”）当作新发展形势的政策支点、高质料发展的示范地、中国式当代化的引颈地，在国度更正洞开进度中弘扬着紧要作用。2023年召开的中央金融责任会议指出，金融要为经济社会发展提供高质料管事。债券阛阓是金融体系紧要构成部分，可进一步弘扬债券阛阓功能，助力大湾区金融高质料发展。

　　债市管事大湾区科技金融。大湾区产学研基础深厚，老本阛阓科技效果显耀，区块链、大数据、可推广生意论说讲话（XBRL）等时间已在债券阛阓有所垄断。可进一步推动数字时间赋能债券阛阓，普及债市初始效率。大湾区科技氛围浓厚，科创企业繁多，有较强融资需求。可进一步调动债券品种，健全与科创企业相融的体制机制，灵验识别风险，发现价值。

　　债市管事大湾区绿色金融。大湾区位于绿色金融更正调动前沿，有较好的政策基础，绿色金融居品频年来昂然发展。可捏续推动绿债阛阓发展扩容，调动绿债激勉机制，促进更多金融资泉源向绿色产业。绿色金融需要绿色模范，大湾区在环境信息裸露等绿债模范方面已有关连践诺。可进一要领行绿债模范垄断，助力大湾区模范互认及与外洋接轨。

　　债市管事大湾区普惠金融。大湾区中小企业主体活跃，新质坐蓐力发展集群度高，有较强的融资需求。可聚焦中小企业主体，发展多档次债券阛阓，探索高收益债阛阓设立，为中小企业融资拓展新旅途。大湾区投资者数目繁多，证券来往活跃，金融居品也为投资者提供更多遴荐。跟着投资需求不休普及，可进一步增多柜台债等债券品种刊行限制，拓展投资渠说念，为投资者提供更多金融居品。

　　债市管事大湾区待业金融。大湾区银发经济产业发展较快，养老居品和管事需求较多，产业需更多金融支捏。政府部门、金融机构等主体可通过债市融资，更好支捏养老产业，心仪全球养老管事需求。大湾区待业金开户数居宇宙前哨，待业金限制较大，对金融居品建议更高条目。债市为投资者提供自如收益，将来可拓展投资渠说念，有序提醒住户更多投资柜台债等金融居品。

　　债市管事大湾区跨境金融。大湾区领有在岸和离岸阛阓，具有国表里洋双轮回协同发展自然上风，政府和阛阓主体在股东跨境金融方面已有较多尝试。可完善跨境刊行关连轨制，促进跨境债券品种百花都放；完善债券信息裸露轨制，普及债券信息裸露数字化水仁爱模范化水平；完善跨境东说念主民币结算和债券担保品互认，助力东说念主民币外西化开调动局。

　　大湾区在国度经济发展和对外洞开中弘扬营救引颈作用。应以服求实体经济为效用点，以高质料发展为首要任务，效用弘扬债券阛阓功能，不休提质增效，为大湾区金融调动洞开和经济社会发展孝敬力量。

　　To Utilize the Bond Market to Support the Development of the Guangdong-Hong Kong-Macao Great Bay Area

　　Zhong Yan

　　The Guangdong-Hong Kong-Macao Greater Bay Area （the Greater Bay Area） is a strategic pivot of the new development pattern， a demonstration site for high-quality development， and a leader in practising the Chinese path to modernization， playing an important role in the process of the national reform and opening-up． The 2023 Central Financial Work Conference pointed out that finance should provide high-quality services for the economic and social development． As a crucial component of the financial system， the bond market can further leverage its functions to support high-quality financial development in the Greater Bay Area．

　　The bond market serves technology finance in the Greater Bay Area． With a strong foundation in the collaboration among the industry， the academic institutes and the research institutes， the Greater Bay Area capital market has delivered significant technological achievements， such as the application of blockchain， big data， and the extensible business reporting language （XBRL） in the bond market． Going forward， digital technology can be utilized more to empower the bond market and improve its operational efficiency． Besides， the Greater Bay Area is home to a massive number of science and technology innovation enterprises， which have strong needs for financing． Therefore， efforts can be made to innovate bond varieties to better support science and technology innovation enterprises， effectively identify risks， and discover value．

　　The bond market serves green finance in the Greater Bay Area． As a pioneer in green finance innovation， the Greater Bay Area has a favorable policy framework that has enabled remarkable growth of green financial products over the past few years． It is suggested to keep expanding the green bond market， offer more incentives for green bonds and guide more financial resources to green sectors． On the other hand， the development of green finance cannot go without standards． Based on previous practices in the green bond environmental information disclosure standards， it is suggested to further promote the use of green bond standards， and the alignment between the Greater Bay Area standards and relevant international standards．

　　The bond market serves inclusive finance in the Greater Bay Area． Small and medium-sized enterprises （SMEs） are active in the Greater Bay Area and have strong financing needs． It is proposed to develop a multi-level bond market with a focus on SMEs， and explore the construction of a high-yield bond market to provide new financing channels for SMEs． The Greater Bay Area is also home to a large number of investors who trade securities frequently and would favor a greater variety of financial products． With the growing investment demand， it is possible to further increase the issuance scale of bond varieties such as bank counter bonds， expand investment channels， and provide investors with more financial products．

　　The bond market serves pension finance in the Greater Bay Area． The “silver economy” is growing fast in the Greater Bay Area， with a high demand for elderly care products and services， and thus requires more financial support． Government agencies， financial institutions and other entities can tap the bond market for financing to better support the elderly care sector and meet the needs for elderly care services． The number of pension accounts in the Greater Bay Area ranks among the top in the country， and the pension scale is relatively large， which puts higher demands on related financial products． As the bond market can provide stable returns for investors， it is suggested to expand investment channels and guide residents to invest more in financial products such as bank counter bonds．

　　The bond market serves cross-border finance in the Greater Bay Area． The Greater Bay Area has both onshore and offshore markets， a natural advantage in the coordinated development of cross-border dual circulation． Government agencies and market entities have made remarkable efforts to promote cross-border finance． Going forward， it is suggested to optimize mechanisms for cross-border issuance to encourage issuance of more cross-border bond types； to improve the bond information disclosure system to enhance digitalization and standardization of disclosure； to promote cross-border RMB settlement and mutual recognition of RMB bond collateral， contributing to continued RMB internationalization．

　　The Greater Bay Area plays a leading and supportive role in the national economic development and the market opening-up． With emphasis on serving the real economy and facilitating high-quality development， the bond market needs to tap into its functions to enhance quality and efficiency， and thus contribute to financial innovation and opening-up， as well as economic and social development in the Greater Bay Area．

　　This article was first published on Bond Monthly （Nov． 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： Tang Jielong， Liao Wenwen

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