砥砺十五载,债务融资工具助力实体经济高质量发展

Debt Financing Instruments and the Real Economy

债务融资工具经过十五年的长足发展,发行量和托管量大幅增长,交易活跃度显著提高,有效引导金融资源优化配置,缓解企业融资难和融资贵的问题。债务融资工具的发展立足于服务国家宏观调控和经济政策,在2022年国内外均面临严峻挑战的形势下,债务融资工具助力稳增长、调结构、防风险、补短板,在新形势下持续促进经济实现高质量发展。立足于既往的成绩与经验,债务融资工具在规模和流动性方面尚有提升的空间,信用衍生品市场层次和产品体系还需进一步拓展,在新发展理念的引领下,债务融资工具市场未来将大有可为。

After 15 years of market development, debt financing has grown significantly in terms of the number of issues and outstanding volume. Transaction activity has increased significantly, effectively guiding the efficient allocation of financial resources and in turn alleviating enterprise problems with obtaining inexpensive financing. The development of debt financing instruments is aimed at serving national macro-control and economic policies. Amid severe challenges on the domestic and international fronts, debt financing instruments have helped stabilize growth, adjust the economic structure, prevent financial risks and address market shortcomings while continuing to promote high-quality economic development. Nonetheless, there is still room to improve the scale and liquidity of debt financing instruments, and the credit derivatives market and product system need to be further expanded.