我国外国债券发展障碍问题研究

On the Barriers Existing in the Development of Foreign Bond in China

外国债券促进外国发行人市场准入和境内资金流出的基本功能,决定了其具有促进我国证券市场开放、提高国内资金利用效率和放松资本项目管制等意义,是实现我国"一带一路"战略和人民币国际化的关键措施。但目前我国外国债券的发展仍面临着许多制度障碍,导致其发展速度缓慢,市场规模微乎其微,象征意义大于实际意义。随着我国金融改革的不断深化和"一带一路"战略构想与人民币国际化进程的不断推进,我国外国债券市场将迎来新的发展机遇。我国应当逐渐消除外国债券发展的制度障碍,实现外国债券市场的蓬勃发展,推动我国金融改革和经济发展。

The foreign bond has the basic functions of promoting the foreign issuers＂ market access and out- flow of the domestic fund, possesses the meaning of promoting the opening of domestic security market, improving the utilization efficiency of the fund and relaxing the capital control and is the key measure to realize the Belt and Road Initiative and internationalization of RMB. But so far foreign fond in China is still faced with a lot of system barriers, which results in its slow development, minimal market share and more symbolic than practical signifi- cance. As Chinese financial reform continuously deepening, the Belt and Road Initiative and internationalization of RMB keeping advancing, foreign bond market in China will have new development opportunities. China should re- move the system barriers facing foreign bond gradually, realize the vigorous development of foreign bond market and accelerate the development of Chinese finance and economy.