“一带一路”建设的市场化融资机制研究——以中国债券市场开放为视角

The Market-based Financing Mechanism for the“One Belt One Road”Strategy: A Perspective ofChina’sBond Market Opening Up

'一带一路'战略的实施离不开金融支持,当前学者对于主权引导的金融支持机制研究较多,而针对市场化机制的研究比较鲜见。本文以中国债券市场开放为视角,提出了以市场化融资机制支持'一带一路'战略的新思路。债券市场可以为'一带一路'建设提供直接融资支持,也可以通过国际开发机构等提供间接融资支持。与主权引导机制相比,债券市场的融资具有可持续性强、公开透明、融资成本较低、金融风险分散等特殊优势,同时还能在助力'一带一路'战略中实现资本项目开放和人民币国际化、提升金融话语权等战略目标。

The implementation of“One Belt One Road”strategy calls for financial support.Current research focuses more on mechanisms with sovereign guidance than that based on market.This paper proposes the market-based financing mechanism from the perspective of China’s bond market opening up.The bond market provides direct financing support for the“One Belt One Road”strategy,as well as indirect financing support through international development institutions.Compared with sovereign guidance,the bond market financing has some special advantages such as strong sustainability,high transparency,low financing cost and a diversification of financial risks.It could also help China’s capital account liberalization and RMB internationalization and enhance China’s financial discourse power.