我国债市对外开放面临的问题及国际经验启示

Problems Faced by China's Bond Market Opening to the World and Their Enlightenment from International Experiences

近年来,随着人民币国际化进程不断推进,从改革开放的实际出发,综合考虑经济交往、金融外交等各方面因素的需要,债券市场对外开放也加快了改革步伐。本文在总结分析我国债市对外开放现状及存在问题的基础上,借鉴美日韩等主要国家债市对外开放国际经验,最终得出四点启示:放宽外资准入限制,提高利用外资水平;为境内外债市互联互通搭建统一的基础架构;完善投资者结构,分散市场风险;以及建立统一的包括债市在内的资本市场监管体制。

In recent years, as the process of internationalization of RMB continues to advance, from the reality of reform and opening up, our country comprehensively considers the needs of economic exchanges and financial diplomacy, and the opening up of the bond market has also accelerated the pace of reform.Based on the analysis of the status quo and existing problems of China＇s bond market＇s opening to the outside world, this paper draws lessons from the international experience of opening up the major bond mar- kets of the United States, Japan and South Korea and draws four enlightenments：Relaxation of restrictions on access for foreign invest- ment and improvement of the level of utilization of foreign investment;To establish a unified infrastructure for the interconnection of domestic and foreign debt markets;Improve investor structure and diversify market risk;As well as establishing a unified regulatory system for capital markets, including the bond market.