亚洲债券市场的发展与中国地位的提升

The Development of Asian Bond Market and the Rise of China’s Status

自东南亚金融危机以来,无论亚洲债券市场建设还是中国债券市场建设均取得了明显进展。但无论从市场规模、融资结构还是细分市场发展看,中国在亚洲债券市场中的地位都明显滞后于日本甚至韩国。中国债券市场的发展存在一些结构性缺陷,例如政府债与企业债市场的分割、期限结构短期化与国际化程度较低等。为进一步提升中国在亚洲债券市场的地位,中国政府一方面应加快国内政府债市场与企业债市场的整合,另一方面应将债券市场国际化与人民币国际化紧密结合起来,同时推进香港离岸人民币债券市场与内地熊猫债券市场的建设。

Both the Asian bond market and China’s bond market have achieved significant development since the Southeast Asian financial crisis. However, China’s role in the Asian bond market still lags behind Japan and Korea in terms of the market size, financing structure or the size of segment markets such as government bond or corporate bond. There are some structural deficiencies in China’s bond market, e.g. the segmentation of government and corporate bond market, the dominance of short-term maturity, and the lack of internationalization. To expand China’s role in the Asian bond market, on one hand, the Chinese government should try to integrate the government bond market and the corporate bond market; On the other hand, the Chinese government should combine the process of bond market internationalization and the process of RMB internationalization, which means China should promote the development of Hong Kong’s offshore RMB bond market and the Panda Bond market at the same time.