汇聚债市高质量发展的创新力量（附英文版）
党的十八大以来，中国特色社会主义进入新时代，开启高质量发展的新征程。中央金融工作会议强调，促进债券市场高质量发展。高质量发展要靠创新，高质量发展呼唤创新。创新为债券市场高质量发展注入不竭动力。
守正创新，是中国债券市场发展的鲜明底色。回首来时路，中国债券市场40余年的发展史正是一部革新求索、不断超越的创新史。从解放思想恢复国债发行，到成为覆盖政府债券、金融债券、公司信用债券的全球第二大债券市场；从把握规律，确立国际领先、透明高效的中央登记托管体制，到兼容并蓄，探索提出容纳融合的多层次服务体系；从敢为人先，率先全面实现债券无纸化，到成功支持区块链数字债券发行应用试点；从“境外三类机构”获准进入银行间债券市场，到人民币债券纳入全球主要债券指数……中国债券市场的建设者锐意进取、风雨兼程，以守正创新精神，走中国特色大国债市发展之路。
深化创新，是创造债券市场高质量发展新成就的必然要求。党的二十大报告提出，高质量发展是全面建设社会主义现代化国家的首要任务，必须坚持创新是第一动力。展望新征程，金融强国建设要求大国债市进一步做优做强，高质量发展任重道远，迫切需要依靠创新增强发展后劲，培育发展新动能。要强化自主创新能力，进一步激发发行人、投资人、金融基础设施、中介机构等市场主体的创新活力，丰富和发展产品、服务等市场生态体系。要创新发挥债市直接融资功能，增强对科技创新、先进制造业等重点领域的服务质效，助力营造实体经济创新生态，同时要巩固债市投资和财富管理功能，强化债券投资者保护，不断增强债市的普惠性和可持续性。
落实创新引领，促进债券市场高质量发展，是一项系统工程，需要多方合力、同向发力。要持续完善债券市场的法律基础，促进发展和安全良性互动，营造鼓励创新的政策环境，为高水平创新保驾护航。要持续完善债券市场的功能布局，促进统一多层次市场体系建设，不断提升债市建设的系统性、科学性、先进性。市场主体要“善作善为”。要持续完善债券市场的基础支撑，应用前沿科技，打造行业标准，推动高水平开放，促进债券市场绿色化、数字化、国际化。
惟创新者进，惟创新者强，惟创新者胜。建设金融强国新征程的时代号角已经吹响，期待激发创新智慧，汇聚创新力量，绘就债券市场高质量发展的新篇章！
◇ 本文原载《债券》2024年1月刊
◇ 作者：钟言
◇ 编辑：王琼廖雯雯
Gathering Innovative Forces for Quality Development of the Bond Market
Zhong Yan
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．
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．
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．
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．
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！
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
