“一带一路”融资机制建设初探——以债券融资为例

A Preliminary Study on the Financing Mechanism Construction of the Belt and Road Initiative: Evidence from the Bond Financing

目前中国在推进"一带一路"债券市场建设方面取得了一系列进展,但"一带一路"债券市场在机制建设、制度设计方面还存在较多空白。一方面,"一带一路"沿线国家多数为发展中国家,其中部分国家自身特性引发的风险较高;另一方面,中国债券市场发展不完善,给"一带一路"债券融资造成了制约。未来需要加强顶层设计与机制建设,全面推动债券市场产品和服务方式创新机制建设,加大对"一带一路"债券投资,扩大债券市场开放机制,拓展"一带一路"项目资金来源,健全"一带一路"沿线债券市场风险防范和处置机制建设,完善"一带一路"债券市场的基础设施及配套措施机制建设等,为推进"一带一路"建设提供有力支持和高效服务。

Progress has been made in promoting the construction of the Belt and Road bond market,but there are still many gaps in mechanism construction and system design of the market. On one hand,most of the countries along the Belt and Road are developing countries,where risks are highlighted due to their own characteristics. On the other hand,imperfect development of the Chinese bond market has constrained the Belt and Road bond financing to some extent. Therefore,it is necessary to strengthen the top-level design and mechanism construction in the future,comprehensively promote the construction of innovative mechanisms for products and services in the bond market,increase investment in the Belt and Road bonds,broaden the opening-up mechanism of the bond market,and expand the sources of funds for the projects along the Belt and Road. Furthermore,the construction of risk prevention and disposal mechanism and the improvement of infrastructure and supporting measures for the bond market are highly needed to provide strong support for the Belt and Road Initiative.