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　　◇?作者：鐘言

　　◇?本文原載《債券》2024年11月刊

　　粵港澳大灣區(qū)（以下簡稱“大灣區(qū)”）作為新發(fā)展格局的戰(zhàn)略支點、高質(zhì)量發(fā)展的示范地、中國式現(xiàn)代化的引領(lǐng)地，在國家改革開放進(jìn)程中發(fā)揮著重要作用。2023年召開的中央金融工作會議指出，金融要為經(jīng)濟(jì)社會發(fā)展提供高質(zhì)量服務(wù)。債券市場是金融體系重要組成部分，可進(jìn)一步發(fā)揮債券市場功能，助力大灣區(qū)金融高質(zhì)量發(fā)展。

　　債市服務(wù)大灣區(qū)科技金融。大灣區(qū)產(chǎn)學(xué)研基礎(chǔ)深厚，資本市場科技成果顯著，區(qū)塊鏈、大數(shù)據(jù)、可擴(kuò)展商業(yè)報告語言（XBRL）等技術(shù)已在債券市場有所應(yīng)用?？蛇M(jìn)一步推動數(shù)字技術(shù)賦能債券市場，提升債市運行效率。大灣區(qū)科技氛圍濃厚，科創(chuàng)企業(yè)眾多，有較強(qiáng)融資需求?？蛇M(jìn)一步創(chuàng)新債券品種，健全與科創(chuàng)企業(yè)相融的體制機(jī)制，有效識別風(fēng)險，發(fā)現(xiàn)價值。

　　債市服務(wù)大灣區(qū)綠色金融。大灣區(qū)位于綠色金融改革創(chuàng)新前沿，有較好的政策基礎(chǔ)，綠色金融產(chǎn)品近年來蓬勃發(fā)展?？沙掷m(xù)推動綠債市場發(fā)展擴(kuò)容，創(chuàng)新綠債激勵機(jī)制，促進(jìn)更多金融資源流向綠色產(chǎn)業(yè)。綠色金融需要綠色標(biāo)準(zhǔn)，大灣區(qū)在環(huán)境信息披露等綠債標(biāo)準(zhǔn)方面已有相關(guān)實踐。可進(jìn)一步推廣綠債標(biāo)準(zhǔn)應(yīng)用，助力大灣區(qū)標(biāo)準(zhǔn)互認(rèn)及與國際接軌。

　　債市服務(wù)大灣區(qū)普惠金融。大灣區(qū)中小企業(yè)主體活躍，新質(zhì)生產(chǎn)力發(fā)展集群度高，有較強(qiáng)的融資需求。可聚焦中小企業(yè)主體，發(fā)展多層次債券市場，探索高收益?zhèn)袌鼋ㄔO(shè)，為中小企業(yè)融資拓展新路徑。大灣區(qū)投資者數(shù)量眾多，證券交易活躍，金融產(chǎn)品也為投資者提供更多選擇。隨著投資需求不斷提升，可進(jìn)一步增加柜臺債等債券品種發(fā)行規(guī)模，拓展投資渠道，為投資者提供更多金融產(chǎn)品。

　　債市服務(wù)大灣區(qū)養(yǎng)老金融。大灣區(qū)銀發(fā)經(jīng)濟(jì)產(chǎn)業(yè)發(fā)展較快，養(yǎng)老產(chǎn)品和服務(wù)需求較多，產(chǎn)業(yè)需更多金融支持。政府部門、金融機(jī)構(gòu)等主體可通過債市融資，更好支持養(yǎng)老產(chǎn)業(yè)，滿足群眾養(yǎng)老服務(wù)需求。大灣區(qū)養(yǎng)老金開戶數(shù)居全國前列，養(yǎng)老金規(guī)模較大，對金融產(chǎn)品提出更高要求。債市為投資者提供穩(wěn)定收益，未來可拓展投資渠道，有序引導(dǎo)居民更多投資柜臺債等金融產(chǎn)品。

　　債市服務(wù)大灣區(qū)跨境金融。大灣區(qū)擁有在岸和離岸市場，具有國內(nèi)國際雙循環(huán)協(xié)同發(fā)展天然優(yōu)勢，政府和市場主體在推進(jìn)跨境金融方面已有較多嘗試?？赏晟瓶缇嘲l(fā)行相關(guān)制度，促進(jìn)跨境債券品種百花齊放；完善債券信息披露制度，提升債券信息披露數(shù)字化水平和標(biāo)準(zhǔn)化水平；完善跨境人民幣結(jié)算和債券擔(dān)保品互認(rèn)，助力人民幣國際化開創(chuàng)新局。

　　大灣區(qū)在國家經(jīng)濟(jì)發(fā)展和對外開放中發(fā)揮支撐引領(lǐng)作用。應(yīng)以服務(wù)實體經(jīng)濟(jì)為著力點，以高質(zhì)量發(fā)展為首要任務(wù)，著力發(fā)揮債券市場功能，不斷提質(zhì)增效，為大灣區(qū)金融創(chuàng)新開放和經(jīng)濟(jì)社會發(fā)展貢獻(xiàn)力量。

　　To Utilize the Bond Market to Support the Development of the Guangdong-Hong Kong-Macao Great Bay Area

　　Zhong Yan

　　The Guangdong-Hong Kong-Macao Greater Bay Area （the Greater Bay Area） is a strategic pivot of the new development pattern， a demonstration site for high-quality development， and a leader in practising the Chinese path to modernization， playing an important role in the process of the national reform and opening-up． The 2023 Central Financial Work Conference pointed out that finance should provide high-quality services for the economic and social development． As a crucial component of the financial system， the bond market can further leverage its functions to support high-quality financial development in the Greater Bay Area．

　　The bond market serves technology finance in the Greater Bay Area． With a strong foundation in the collaboration among the industry， the academic institutes and the research institutes， the Greater Bay Area capital market has delivered significant technological achievements， such as the application of blockchain， big data， and the extensible business reporting language （XBRL） in the bond market． Going forward， digital technology can be utilized more to empower the bond market and improve its operational efficiency． Besides， the Greater Bay Area is home to a massive number of science and technology innovation enterprises， which have strong needs for financing． Therefore， efforts can be made to innovate bond varieties to better support science and technology innovation enterprises， effectively identify risks， and discover value．

　　The bond market serves green finance in the Greater Bay Area． As a pioneer in green finance innovation， the Greater Bay Area has a favorable policy framework that has enabled remarkable growth of green financial products over the past few years． It is suggested to keep expanding the green bond market， offer more incentives for green bonds and guide more financial resources to green sectors． On the other hand， the development of green finance cannot go without standards． Based on previous practices in the green bond environmental information disclosure standards， it is suggested to further promote the use of green bond standards， and the alignment between the Greater Bay Area standards and relevant international standards．

　　The bond market serves inclusive finance in the Greater Bay Area． Small and medium-sized enterprises （SMEs） are active in the Greater Bay Area and have strong financing needs． It is proposed to develop a multi-level bond market with a focus on SMEs， and explore the construction of a high-yield bond market to provide new financing channels for SMEs． The Greater Bay Area is also home to a large number of investors who trade securities frequently and would favor a greater variety of financial products． With the growing investment demand， it is possible to further increase the issuance scale of bond varieties such as bank counter bonds， expand investment channels， and provide investors with more financial products．

　　The bond market serves pension finance in the Greater Bay Area． The “silver economy” is growing fast in the Greater Bay Area， with a high demand for elderly care products and services， and thus requires more financial support． Government agencies， financial institutions and other entities can tap the bond market for financing to better support the elderly care sector and meet the needs for elderly care services． The number of pension accounts in the Greater Bay Area ranks among the top in the country， and the pension scale is relatively large， which puts higher demands on related financial products． As the bond market can provide stable returns for investors， it is suggested to expand investment channels and guide residents to invest more in financial products such as bank counter bonds．

　　The bond market serves cross-border finance in the Greater Bay Area． The Greater Bay Area has both onshore and offshore markets， a natural advantage in the coordinated development of cross-border dual circulation． Government agencies and market entities have made remarkable efforts to promote cross-border finance． Going forward， it is suggested to optimize mechanisms for cross-border issuance to encourage issuance of more cross-border bond types； to improve the bond information disclosure system to enhance digitalization and standardization of disclosure； to promote cross-border RMB settlement and mutual recognition of RMB bond collateral， contributing to continued RMB internationalization．

　　The Greater Bay Area plays a leading and supportive role in the national economic development and the market opening-up． With emphasis on serving the real economy and facilitating high-quality development， the bond market needs to tap into its functions to enhance quality and efficiency， and thus contribute to financial innovation and opening-up， as well as economic and social development in the Greater Bay Area．

　　This article was first published on Bond Monthly （Nov． 2024）．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．

　　◇ Editors：?Tang Jielong， Liao Wenwen