中国信用债交易市场分割与一体化发展

Segmentation and Integrated Development of China's Credit Bond Trading Market

金融强国的一个核心特征是资本市场应该具有强大的投融资功能且真正做到服务于经济高质量发展。作为中国最大资本市场的债券市场已位列世界第二,但长期以来似乎更偏向于融资,投资功能不够强,在信用债市场突出表现为交易流动性差、价格波动大和价格发现功能不足。交易分属于不同市场、交易机制各异、托管与结算制度差异大、监管政出多门等分割性制度障碍使得信用债市场一体化水平一直在低位,与建成高效规范、要素资源可在更大范围流动的统一大市场目标存在一定差距。进一步推动信用债市场一体化发展须将提高交易流动性、降低价格波动和增强价格发现等功能放在首位,在统一债券市场监管制度、深化债券市场间的互联互通改革、重构交易机制、统一托管结算制度等方面有所创新和突破。

A key feature of a country with developed financial markets is that its capital markets should have been powerful enough with investment and financing functions serving for high-quality economic development.As the largest capital market in China,the bond market has ranked second in the world,but it seems to have been more focused on financing functions than on investment.Specifically,in the credit bond market,the trading liquidity is poor with highly volatility and weak price discovery mechanisms.Credit bonds are traded in different places with different trading mechanisms,coupled with major differences in custody and settlement systems and multiple regulatory and supervisory authorities.These segmented institutional barriers lead to a lower level of integration of the credit bond market,which is not in line with the goal of building a unified and efficient large-scale market with element resources that can flow in a wider range.To further promote the integrated development of the credit bond market,it is necessary to give priority to improving transaction liquidity,reducing price volatility and enhancing price discovery function.In the future,for the credit bond markets,we should make breakthroughs in unifying the regulation and supervision systems,deepening the reform of interconnection between markets,restructuring the trading mechanism and unifying the custody and settlement systems.