◇ 作者：钟言
◇ 本文原载《债券》2026年2月刊
“十五五”时期是加快建设金融强国的关键时期。债券市场是金融市场的重要组成部分，下一步要推动建设统一多层次债券市场，以安全高效为目标，以服务实体经济为宗旨，丰富投融资主体类型，健全配套机制，拓展市场深度、广度，并提升包容性，着力构建市场安全基石。
丰富债市多层次投融资服务，提升服务市场经济的能力。构建覆盖不同融资需求的多层次债券市场，提升各类资金与不同发行人融资需求匹配的精准性，加快发展科创债券、绿色债券、资产证券化产品。一是扩大科创类发行机构服务覆盖面，满足各行业融资需求；提升绿色金融支持质效，为绿色低碳转型提供精准资金支持，提升资金配置效率；深挖资产证券化产品潜力，建立长效机制，推动信贷资产证券化更好支持科技创新与新质生产力发展。二是拓宽投资者范围。遵循风险与承担能力相匹配原则，引入不同风险偏好的投资者，培育规范的高收益债投资群体；加强投资者权益保护。三是有序推进债市双向开放。着力培育境内的离岸债券市场环境，促进国内国际双循环；完善境外发行人在境内市场发行和投资债券的制度规定，提升跨境投融资便利性。
优化完善市场配套机制，构建市场分层服务体系。建设多层次债券市场是一项系统性工程，需市场各方共同参与、协同发力。一是鼓励主承销商对科创债券等信用债券进行双边报价，给予做市政策支持，持续提升债券流动性与定价精准性。二是完善政府性融资担保与商业担保风险共担的缓释机制，持续优化与科技创新商业模式相适配的风险定价机制。三是完善多元化、差异化增信措施，加大对科创企业的支持力度；优化信用评级体系，通过科技赋能提升信用风险揭示精准性，增强风险监控及预警能力。
构建债市高效安全服务机制，保障市场平稳运行。推进债券品种、发行机构、投资者结构、发行交易机制等多层次建设的同时，需以登记托管机制、信息披露机制及要素标准统一为前提，以保障债券市场安全高效运行。一是统筹金融基础设施体系顶层设计，按照有利于债券统一大市场建设的总体思路，打造兼具深度、广度和包容性的市场架构，推动债券市场统一托管。二是构建高效信息披露体系，完善公司信用类债券及时履行信息披露机制，加强债券存续期信息披露督促与监测，提升信息披露质量。三是继续加强债券要素标准建设，形成更加完备、科学的标准化体系，加强重点领域标准的研究制定，开展标准体系的认证和推广工作，提升市场运行和信息交换效率。
启航“十五五”，债券市场将充分发挥直接融资优势，支持宏观调控和优化资源配置，支持科技创新、绿色发展等重要领域，服务实体经济，助力早日实现金融强国。
Promoting the Construction of a Safe， Efficient and Unified Multi-layer Bond Market
Zhong Yan
The period of the 15th Five-Year Plan is a critical phase for accelerating the development of a strong financial sector． The bond market， as a crucial component of the financial market， needs to promote the development of a unified， multi-tiered market． With the goals of security， efficiency and serving the real economy， the bond market can make efforts to diversify the investor and issuer base， improve supporting mechanisms， and enhance market depth， breadth and inclusiveness， so as to consolidate the foundation for market security．
It is suggested to diversify multi-tiered investment and financing services， thus enhancing the capacity of the bond market to serve the market-oriented economy． A multi-tiered bond market covering diverse financing needs can precisely match various funds with the financing needs of different issuers， giving a boost to the development of sci-tech bonds， green bonds， and asset securitization products． First， the coverage of sci-tech bond issuer services can be expanded to meet the financing needs of various industries． The quality and efficiency of green financial support can be enhanced to provide precise funding for the green and low-carbon transition， and improve capital allocation efficiency． The potential of asset securitization products can be further explored by establishing long-term mechanisms to enhance support for technological innovation and the development of new quality productive forces． Second， the scope of investors can be broadened． Based on the principle of matching risks with risk-bearing capacities， investors with different risk appetites can be included into the market， and a well-structured high-yield bond investor base can be cultivated． Efforts are also needed to enhance investor protection． Third， the two-way opening-up of the bond market can be advanced in a well-managed manner． Efforts can focus on improving the onshore-located offshore bond market environment， thus promoting the dual circulation． Rules for onshore bond issuance and investment by overseas issuers can be optimized to facilitate cross-border investment and financing．
It is necessary to improve supporting mechanisms and create a multi-tiered service system． Constructing a multi-tiered bond market is a systematic project that requires concerted efforts of all stakeholders． First， lead underwriters can be encouraged to provide bilateral quotes for credit bonds such as sci-tech bonds， with policy support for market making， thus enhancing bond liquidity and pricing accuracy． Second， a risk-sharing mitigation mechanism combining government-backed guarantees and commercial guarantees can be improved， and a risk pricing mechanism aligned with technological innovation business models needs to be optimized． Third， diversified and differentiated credit enhancement measures can be enhanced to increase support for sci-tech enterprises． The credit rating system can be optimized， with technology empowerment improving the accuracy of credit risk disclosure and strengthening risk monitoring and early warning capabilities．
Efforts are needed to create an efficient and secure service mechanism， and ensure stable operation of the bond market． While advancing the multi-tiered development of bond types， issuers， investor base， and issuance and trading mechanisms， it is essential to prioritize the unification of the registration and custody arrangements， the information disclosure mechanism， and other elemental standards， so as to ensure safe and efficient operation of the bond market． First， the top-level design of the financial infrastructure system needs to be coordinated， in accordance with the guiding principle of fostering a unified bond market． A market structure with depth， breadth， and inclusiveness needs to be developed， coupled by a unified custody system． Second， an efficient information disclosure mechanism needs to be established， improving the timely disclosure mechanism for corporate credit bonds， strengthening the supervision and monitoring of ongoing disclosure， and enhancing the disclosure quality． Third， it is also necessary to strengthen the standardization of bond elements， forming a more comprehensive system of standards． Research and formulation of standards in key areas can be intensified， and the certification and promotion of the standards can be strengthened to improve efficiency of market operation and information exchange．
At the start of the 15th Five-Year Plan period， the bond market can fully leverage its advantages in direct financing to support macroeconomic regulation， optimize resource allocation， and facilitate technological innovation， green development and other critical areas， thus serving the real economy and the pursuit of a strong financial sector．
This article was first published on Bond Monthly （ Feb． 2026）．Please indicate the source clearly when citing this article． The English version is for reference only， and the original Chinese version shall prevail in case of any inconsistency．
