党的二十大报告指出，要健全资本市场功能，提高直接融资比重。多年来，我国债券市场建设取得令人瞩目的成就，有力推进高质量发展。中央结算公司在主管部门的指导下，积极履行金融基础设施职能，坚持和巩固中央登记托管结算的制度优势，助力债券市场运行提质增效、功能充分发挥。
畅通直接融资渠道。持续为国债、地方政府债券、企业债券发行提供专业支持。保障绿色、扶贫、双创、乡村振兴等各类专项债券和主题债券创新发行。支持资金投向国民经济重点领域和关键行业，推动供给侧结构性改革。
支持宏观政策传导、实施。积极保障国债安全高效运行，服务地方政府规范融资，参与政府债券市场建设，支持国库现金管理，促进拓展财政政策空间。积极服务公开市场操作及多种政策创新工具，提供专业高效支持。支持企业债券创新改革，完善企业债券受理、审核、存续期管理等生命周期服务，助力实体经济政策有效传导。
促进价格有效发现。建立一站式发行服务平台，支持多样化发行方式，有效保障发行定价市场化。推进信息披露标准化、数字化，促进数据交互共享、互联互通，推广中债路演，提高信息公开性、透明度。高效编制国债收益率曲线，每日发布各类债券收益率曲线3500余条，全面反映市场真实供求关系，推广第三方估值服务应用，为金融资产定价等提供参考基准。
助力市场风险管理。发挥以一级托管为基础的体制优势，基于高效透明的直接持有账户体系，履行一线监测职能，提供数据分析，为风险防控提供基础支撑。打造全面反映债券市场风险状况的指标体系，推出量化分析平台与债务管理工具，广泛应用于风险监测、度量与管理。持续优化第三方担保品管理服务，拓展至广泛的服务领域，推出通用式担保品管理服务，实现风险实时监测和担保品最优配置，高效支持流动性风险和信用风险管理。
保障债市有序开放。作为债券市场开放主门户，全面支持债市开放，推动简洁安全的全球通的主渠道活力持续释放。推出“债券一级市场直通车”，吸引境外投资者参与认购分销。推进人民币债券担保品跨境互认、价格指标产品跨境应用，提升跨境服务能力。在主管部门的指导下，协助澳门债券市场建设。支持自贸区离岸债券市场建设，促进在岸市场和离岸市场协调发展、融合发展。
新发展阶段对债券市场功能的发挥提出了更高要求。需继续坚持中央登记托管这一市场基础机制，积极推广制度优势，形成良好外部示范效应，助力金融市场实现更加透明、更加安全、更可持续、更高质量的发展。
◇ 本文原载《债券》2022年12月刊
◇ 作者：钟言
◇ 编辑：张欣刘颖
Fully Leverage the Bond Market to Secure Quality Development
The Report to the 20th CPC National Congress states that China will improve the functions of the capital market and increase the proportion of direct financing． Over the years， China’s bond market has made remarkable achievements， giving a boost to high-quality development． Under the guidance of competent authorities， CCDC actively functions as a financial market infrastructure （FMI）， maintains and consolidates the institutional advantages of central registration， depository and settlement services， and helps the bond market to fully function with higher efficiency and quality．
Smooth direct financing channels are ensured． CCDC provides professional support for the issuance of China government bonds， local government bonds and corporate bonds． The Company supports the innovative issuance of various special-purpose bonds and thematic bonds， such as green bonds， poverty alleviation bonds， innovation and startup bonds and rural revitalization bonds． CCDC supports investment in key areas and sectors of the national economy and helps push forward the supply-side structural reform．
The transmission and implementation of macro policies are supported． CCDC facilitates the safe and efficient operation of government bonds， supports local governments financing， participates in modernization of the government bond market， and supports treasury cash management， with the aim of helping broaden the fiscal space． The Company supports the open market operations and the issuance of various innovative policy tools with professional and efficient services． CCDC also participates in the innovation and reform of corporate bonds， optimizes lifecycle services such as offering application acceptance， review and ongoing management of corporate bonds， and facilitates the effective transmission of the policies boosting real economy．
Effective price discovery is enabled． A one-stop issuance service platform is in place to support diverse issuance methods and effectively safeguard the market-based offering pricing． CCDC promotes standardization and digitization of information disclosure， boosts data interaction， sharing and connectivity， and promotes ChinaBond roadshows to improve the openness and transparency of information． The China Government Bond Yield Curves are efficiently formulated and more than 3，500 yield curves are published daily for various bonds to provide a full picture of the supply-demand relationships in the market． The third-party valuation services are promoted to provide benchmarks for the pricing of financial assets．
Market risk management is assured． Leveraging on the advantage of central depository mechanism， CCDC performs its frontline monitoring functions based on an efficient， transparent direct holding system and provides data analysis as the cornerstone of risk prevention and control． The Company has created a system of indicators that fully outlines the bond market risks and launched a quantitative analysis platform and debt management tools that are widely used in risk monitoring， measurement and management． The third-party collateral management services have been persistently improved and extended to a wide range of service areas． The universal collateral management services have been introduced to enable real-time risk monitoring and optimal allocation of collateral and efficiently support the management of liquidity risk and credit risk．
Orderly opening-up of the bond market is supported． As the main gateway into China’s bond market， CCDC makes all efforts to help the bond market opening-up and advocate the use of the simple， secure CIBM Direct mechanism as the principal channel． The Primary Bond Market Express was launched to provide overseas investors with direct access to subscription and distribution． CCDC promotes cross-border recognition of RMB bond collateral and cross-border application of price indicator products to enhance cross-border service capabilities． Under the guidance of competent authorities， the Company provided technical assistance in Macao’s bond market development． It supports the effort to build the offshore bond market in free trade zones with the aim of promoting the coordinated and integrated development of onshore and offshore markets．
The new phase of development is more demanding on the functioning of the bond market． We should further uphold the core mechanism of central registration and depository and unleash its strengths as an optimal market practice， helping financial markets achieve a quality development with better transparency， reliability and sustainability．
◇ Editors：Zhang Xin， Liu Ying
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