当前我国国债市场存在的主要问题及对策建议

Analysis and Suggestions on Major Issues of Government Bond Market

自1981年重新恢复发行国债至今,我国国债市场已历经了近30年的发展历程。目前,我国国债市场已初具规模,市场化程度不断提高,但与成熟市场国家相比还存在差距,在国债市场的法律基础和监管体系、一级市场、二级市场以及财政政策与货币政策在国债市场上的协调配合等方面都存在着亟待解决的问题。对此,笔者提出了加快出台《国债法》,明确国债市场的主管部门;扩大国债发行规模,提高发行频率,完善定价机制;建立统一互联的国债市场体系,提高二级市场流动性,推出相关金融衍生产品,促进国债收益率曲线的构建和完善;推进储蓄国债的利率市场化,用国债取代央行票据作为中央银行公开市场操作的主要工具等政策建议。

Since the resumption of government bond issuance in 1981, China＇ s government bond market has achieved remarkable development over the past three decades. Currently, a government bond market with considerable scale and marketization degree has been formed. However, compared with developed countries, in China＇ s government bond market, the problems still exist regarding market legal foundation and regulatory system, primary and secondary market, and the coordination between financial policy and monetary policy in the government bond market. Therefore, in this paper the author proposes some policy suggestions such as enacting the law of public debt, identifying the authority of government bond market; expanding the size as well as increasing the frequency of bond issuance, improving the pricing mechanism; building an integrated government bond market, increasing the liquidity in secondary market, introducing bond related financial derivatives, facilitating the development of government bond yield curve; promoting the interest rate marketization of savings bond, substituting the central bank notes with government bonds as the main instrument in open market operations, etc.