中国债市风云录(下)

CHINA’S BOND MARKET IN THE PAST 30 YEARS

从1981年财政部恢复发行冈债，到今天，中国债券市场走过了30余年的风雨路程。 在债券市场发展之初，我国的国债发行一度采取行政摊派的方式，但随着国债发行规模的扩大，行政摊派的发行方式难以为继。经过多年探索，中国在1996年实现国债市场化招标发行，截至目前，绝大部分券种的发行都实现了市场化。

Since China resumed issuing treasury bonds in 1981, China’s bond market has gone through 30 years of ups and downs.At the beginning of the development of the bond market, the issuance of treasury bonds in China was in the way of administrative apportionment. After years of exploration, price bidding was firstly introduced in 1996, which formed a very significant milestone in treasury bond issuance in China.After 2005, Chinese credit rating industry developed fast. However, generally speaking, there is still a long way to go.