◇ 作者：钟言
◇ 本文原载《债券》2026年9月刊
普惠金融是中央金融工作会议提出的“五篇大文章”之一。债券市场规模大、期限长、收益稳健，可有效对接普惠领域金融服务需求。近年来，相关监管机构不断加大政策支持力度，市场各方持续深耕细作，债券市场服务普惠金融效能不断提升。
债券市场普惠金融产品体系不断丰富。目前，普惠主题债券覆盖金融债券、非金融企业债券和资产支持证券等品种，精准对接普惠主体多元融资需求。其中，“三农”专项金融债和小微企业专项金融债拓宽金融机构普惠信贷资金来源，增强普惠贷款投放能力。乡村振兴票据、中小微企业支持债券等公司信用类普惠债券不断创新资金投放方式，提升普惠主体融资可得性。消费贷款、小微贷款等普惠类信贷资产证券化（ABS）创新产品有效盘活普惠存量资产，循环释放信贷投放额度。相关债券产品创新助推普惠金融体系不断丰富发展，为普惠金融下沉落地提供了坚实产品支撑。
债券市场普惠金融投资渠道持续拓宽。一方面，债券市场容纳保险、养老金等长期稳健资金，以及公募理财、私募资管资金，吸纳居民闲散资金，间接引导社会资本流入普惠领域，使居民闲置资金得以赋能普惠经营主体。另一方面，依托柜台市场个人养老金投资储蓄国债业务，以及普惠债券指数等多元投资工具，债券市场投资门槛不断降低，交易流程得到简化，丰富了居民和中小机构参与债券市场的渠道，拓宽了普惠性债券投资的覆盖面。
依托债券金融基础设施，提升普惠金融服务能力。中央国债登记结算有限责任公司（以下简称“公司”）忠实履行金融基础设施使命，是提升普惠金融服务效能的重要力量。发挥重要直接融资服务平台作用，公司为各类普惠金融类主题债券提供全生命周期服务，持续完善柜台系统功能，推进柜台债券业务扩容增量；依托宏观政策实施服务平台，做好支农支小再贷款等结构性货币政策工具的操作支持，为普惠金融发展营造良好货币金融环境；发挥金融定价基准服务平台作用，持续丰富普惠金融系列债券曲线和指数，发布普惠小微、乡村振兴等主题指数，引导资金进入重点发展领域；不断提升金融风险管理和流动性管理水平，巩固债市开放主门户地位，释放创新研发平台价值，多维度推进债券市场普惠金融生态圈建设。公司同时助力理财监管，支持市场机构全面接入使用理财产品中央数据交换平台，完善理财产品查询和信息披露平台，为居民申赎理财产品提供坚实保障。
站在“十五五”开局新起点，普惠金融承载着推动高质量发展、加速新质生产力培育、支撑共同富裕的重要使命。债券市场应进一步担当作为，创新普惠主题债券产品，拓宽普惠群体融资渠道；畅通社会资本向普惠领域流转路径，实现融资端与投资端良性循环；不断提升金融基础设施服务效能，完善登记托管、估值定价、信息披露等支撑体系，助力建设高质量普惠金融体系。
Enhancing the Bond Market’s Capacity to Serve Inclusive Finance
Zhong Yan
Inclusive finance is one of the Five Financial Priorities put forward at the Central Financial Work Conference． Featuring large scale， long maturities and stable returns， the bond market can effectively meet the inclusive financial needs． In recent years， regulatory authorities have scaled up policy support and market participants have deepened their efforts， thus improving the bond market’s capacity to serve inclusive finance．
The product system for inclusive finance in the bond market has kept expanding． At present， inclusive-themed bonds include financial bonds， non-financial enterprise bonds， ABS and other instruments， catering to diverse financing needs of inclusive finance entities． Specifically， special financial bonds for agriculture， rural areas and farmers， and special financial bonds for micro and small enterprises have expanded financial institutions’ funding sources for inclusive credit and boost their capacity to extend inclusive loans． Corporate credit bonds， such as rural revitalization notes and bonds supporting micro， small and medium-sized enterprises， have innovated the use of proceeds to improve financing accessibility． Innovative inclusive ABS backed by consumer loans， micro and small enterprise loans and other inclusive credit assets have effectively revitalized existing inclusive assets and recycled credit quotas． Innovations in these bond products have fueled the development of the inclusive finance system and provided solid product support for the implementation of inclusive finance．
Investment channels for inclusive finance in the bond market have kept broadening． On the one hand， the bond market accommodates long-term stable capital including insurance funds and pension funds， together with public wealth management and private asset management funds． It absorbs scattered household funds and indirectly channels social capital into inclusive sectors， enabling residents’ spare funds to empower inclusive business entities． On the other hand， with retail market services such as personal pension investment in savings CGBs and diversified investment tools including inclusive bond indices， the bond market has lowered investment thresholds and streamlined trading procedures． This expands channels for households and small-and-medium institutions to participate in the bond market and extends the coverage of inclusive bond investments．
The capacity to serve inclusive finance has been strengthened with enhance FMI． CCDC has delivered on its mission as an FMI and boosted the capacity to support inclusive finance． As a vital direct financing service platform， CCDC provides full-lifecycle services for various inclusive-themed bonds， and upgrades the retail service system functions to expand the scale of the bank-counter bond businesses． Functioning as a service platform for macro policy implementation， CCDC supports operations of structural monetary policy tools such as re-lending for agriculture and micro-enterprises， fostering a sound monetary and financial environment for inclusive finance development． As a financial benchmark pricing platform， it keeps enriching inclusive finance bond yield curves and indices， and releases themed indices covering micro and small inclusive businesses and rural revitalization to guide capital flows into key sectors． It also keeps improving financial risk management and liquidity management， consolidates its role as the key gateway for bond market opening-up， and works on innovation and R&D， thus advancing the formation of an inclusive finance ecosystem in the bond market． At the same time， CCDC supports wealth management regulation， facilitates full access by market institutions to the Central Data Exchange Platform for wealth management products， and improves platforms for product inquiry and information disclosure， delivering robust safeguards for residents to subscribe to and redeem wealth management products．
At the new starting point of the 15th Five-Year Plan period， inclusive finance shoulders the important missions of advancing high-quality development， accelerating the cultivation of new-quality productive forces， and underpinning common prosperity． The bond market needs to take further actions： to innovate inclusive-themed bond products and broaden financing channels； to smooth the flow of social capital into inclusive sectors to achieve a virtuous cycle between the financing side and investment side； to enhance the FMI service efficiency by refining registration， depository， valuation， pricing and information disclosure， to help build a high-quality inclusive finance system．
This article was first published on Bond Monthly （ Sep． 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．
