培育債券市場新質生產力 助力金融市場高質量發展（附英文版）

◇⠦œ즖‡原載《債券》2025年1月刊

發展新質生產力是推動高質量發展的內在要求和重要著力點。新質生產力的顯著特點是創新，既包括技術和業態、模式層麵的創新，也包括管理和製度層麵的創新。金融要為經濟社會發展提供高質量服務，必須持續做好創新工作，推動新質生產力加快發展。債券市場在服務金融市場新質生產力發展中扮演重要角色，可以通過科技創新、產品創新與機製創新等手段，持續提升債券市場服務質效，不斷滿足金融市場新質生產力的發展需求。

大力支持科技創新，全麵提升債券市場服務質效。目前，債券市場支持科創企業融資已取得較快發展，科創類債券及創新品種頻出，相關融資規模快速增長。下一步，可持續優化科創債券融資服務機製，探索提升科創債全鏈條業務服務質效，持續研究推出支持新質生產力的債券品種和債券指數產品，提升科創企業融資便利性和債券市場活躍度。持續推進新技術在債券市場應用，強化數智賦能，利用人工智能、大數據、雲計算等新技術完善債券全生命周期服務，推動債券擔保品管理自動化和智能化發展，提升債券市場現代化水平。同時，注重科技應用安全性，加強金融科技審慎管理，在應用新技術時，需要格外注重安全保障並製定相應的風險管控措施，築牢債券市場安全發展底線。

著力推進發展方式創新，深化可持續債券市場發展路徑。我國可持續金融領域正蓬勃發展，綠色債券市場規模已躍居全球首位，轉型債券規模穩步增長，社會責任債券理念日益凸顯。下一步，可著力提升可持續金融服務能力，持續加強綠色、轉型、生物多樣性等可持續金融標準體係建設，強化信息披露能力建設和製度要求，完善政策激勵約束和評價機製，創新金融產品服務供給和統計機製，持續推動綠色金融與科技金融、數字金融融合發展，深度服務可持續金融市場高水平建設。

紮實推進體製機製創新，促進債券市場製度建設與製度開放。近年來，監管部門對科創領域的政策支持與配套機製越發健全。下一步，可持續深化體製機製改革，深化功能性作用，完善債券市場基礎設施布局，推動債券市場一體化發展。統籌開放與安全，穩步擴大債券領域製度型開放，既吸收借鑒國際市場先進經驗，又注意總結境內良好實踐並推動其走向國際，為發展新質生產力營造良好的生態環境。

展望未來，發展債券市場新質生產力將為金融市場注入。債券市場是直接融資市場的重要組成部分，加大債券市場支持科創領域的力度，推動債券市場發展方式創新，深化債券市場體製機製改革，可以更好賦能新質生產力發展，助力金融強國建設。（編輯：祁暢⠠劉穎）

Cultivating New Quality Productivity in the Bond Market to Support High-quality Development of the Financial Market

Zhong Yan

Developing new quality productive forces is an inherent requirement and important focus for promoting high-quality development． A significant characteristic of new quality productive forces is innovation， which includes innovation at the levels of technology， business models， management and institutions． To provide high-quality services for economic and social development， the financial sector needs to make constant innovations and accelerate the development of new quality productive forces． The bond market plays an important role in facilitating the development of new quality productive forces as it improves its service quality and efficiency through innovation in technology， products and mechanisms．

Supporting technological innovation and improving the quality and efficiency of bond market services． At present， the bond market has achieved rapid development in supporting financing for science and technology innovation enterprises． Science and technology innovation bonds （sci-tech bonds） and related innovative varieties have been launched， resulting in a growing scale of financing． Going forward， it is suggested to optimize the service mechanism for sci-tech bonds， explore ways to improve the quality and efficiency of the entire chain of sci-tech bond services， and create bond varieties and indices that support new quality productive forces， so as to enhance the financing convenience and bond market activity of science and technology innovation enterprises． Efforts are also needed to promote the application of new technologies in the bond market， strengthen empowerment by digital intelligence， use new technologies such as artificial intelligence， big data， and cloud computing to improve bond services， facilitating automated and intelligent bond collateral management， and enhance the modernization level of the bond market． At the same time， attention needs to be paid to the security of technology applications， and prudent management of financial technology needs to be enhanced． When applying new technologies， risk control measures need to be put in place to ensure security of the bond market．

Innovating development patterns and deepening sustainable bond market development． Sustainable finance in China is flourishing， with the world’s largest green bond market， a rising amount of transition bonds and growing emphasis on social responsibility bonds． Next， efforts can be made to enhance sustainable financial service capabilities， develop standards for green， transition and biodiversity finance， strengthen information disclosure， improve policy incentives and evaluation mechanisms， innovate financial product service supply and statistical mechanisms， and promote integrated development of green finance， technology finance and digital finance， so as to buttress high-level development of sustainable finance．

Innovating institutions and mechanisms to promote bond market development and opening-up． In recent years， regulatory authorities have provided sound policy support for science and technology innovation． In the future， it is proposed to deepen institutional and mechanism reforms， improve the infrastructure layout of the bond market， and promote the integrated development of the bond market． A balance needs to be struck between opening-up and security． To steadily expand institutional opening-up of the bond market， efforts need to be made to draw on international experience while also promoting good Chinese practices to the world， thus creating a favorable environment for the development of new quality productive forces．

Going forward， the development of new quality productive forces in the bond market will inject new impetus into the financial market． As an important component of the direct financing market， the bond market can empower the development of new quality productive forces and facilitate the overall financial development by increasing the support for science and technology innovation， innovating the market development pattern and deepening the institutional reform．

◇⠅ditors： Qi Chang， Liu Ying