发挥债市功能 服务大湾区发展（附英文版）

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　　◇ 作者：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”）作为新发展格局的战略支点、高质量发展的示范地、中国式现代化的引领地，在国家改革开放进程中发挥着重要作用。2023年召开的中央金融工作会议指出，金融要为经济社会发展提供高质量服务。债券市场是金融体系重要组成部分，可进一步发挥债券市场功能，助力大湾区金融高质量发展。

　　债市服务大湾区科技金融。大湾区产学研基础深厚，资本市场科技成果显著，区块链、大数据、可扩展商业报告语言（XBRL）等技术已在债券市场有所应用。可进一步推动数字技术赋能债券市场，提升债市运行效率。大湾区科技氛围浓厚，科创企业众多，有较强融资需求。可进一步创新债券品种，健全与科创企业相融的体制机制，有效识别风险，发现价值。

　　债市服务大湾区绿色金融。大湾区位于绿色金融改革创新前沿，有较好的政策基础，绿色金融产品近年来蓬勃发展。可持续推动绿债市场发展扩容，创新绿债激励机制，促进更多金融资源流向绿色产业。绿色金融需要绿色标准，大湾区在环境信息披露等绿债标准方面已有相关实践。可进一步推广绿债标准应用，助力大湾区标准互认及与国际接轨。

　　债市服务大湾区普惠金融。大湾区中小企业主体活跃，新质生产力发展集群度高，有较强的融资需求。可聚焦中小企业主体，发展多层次债券市场，探索高收益债市场建设，为中小企业融资拓展新路径。大湾区投资者数量众多，证券交易活跃，金融产品也为投资者提供更多选择。随着投资需求不断提升，可进一步增加柜台债等债券品种发行规模，拓展投资渠道，为投资者提供更多金融产品。

　　债市服务大湾区养老金融。大湾区银发经济产业发展较快，养老产品和服务需求较多，产业需更多金融支持。政府部门、金融机构等主体可通过债市融资，更好支持养老产业，满足群众养老服务需求。大湾区养老金开户数居全国前列，养老金规模较大，对金融产品提出更高要求。债市为投资者提供稳定收益，未来可拓展投资渠道，有序引导居民更多投资柜台债等金融产品。

　　债市服务大湾区跨境金融。大湾区拥有在岸和离岸市场，具有国内国际双循环协同发展天然优势，政府和市场主体在推进跨境金融方面已有较多尝试。可完善跨境发行相关制度，促进跨境债券品种百花齐放；完善债券信息披露制度，提升债券信息披露数字化水平和标准化水平；完善跨境人民币结算和债券担保品互认，助力人民币国际化开创新局。

　　大湾区在国家经济发展和对外开放中发挥支撑引领作用。应以服务实体经济为着力点，以高质量发展为首要任务，着力发挥债券市场功能，不断提质增效，为大湾区金融创新开放和经济社会发展贡献力量。

　　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