登錄新浪財經APP 搜索【信披】查看更多考評等級

　　◇?作者：鐘言

　　◇?本文原載《債券》2024年11月刊

　　粵港澳大灣區（以下簡稱“大灣區”）作為新發展格局的戰略支點、高質量發展的示范地、中國式現代化的引領地，在國家改革開放進程中發揮著重要作用。2023年召開的中央金融工作會議指出，金融要為經濟社會發展提供高質量服務。債券市場是金融體系重要組成部分，可進一步發揮債券市場功能，助力大灣區金融高質量發展。

　　債市服務大灣區科技金融。大灣區產學研基礎深厚，資本市場科技成果顯著，區塊鏈、大數據、可擴展商業報告語言（XBRL）等技術已在債券市場有所應用?？蛇M一步推動數字技術賦能債券市場，提升債市運行效率。大灣區科技氛圍濃厚，科創企業眾多，有較強融資需求?？蛇M一步創新債券品種，健全與科創企業相融的體制機制，有效識別風險，發現價值。

　　債市服務大灣區綠色金融。大灣區位于綠色金融改革創新前沿，有較好的政策基礎，綠色金融產品近年來蓬勃發展。可持續推動綠債市場發展擴容，創新綠債激勵機制，促進更多金融資源流向綠色產業。綠色金融需要綠色標準，大灣區在環境信息披露等綠債標準方面已有相關實踐?？蛇M一步推廣綠債標準應用，助力大灣區標準互認及與國際接軌。

　　債市服務大灣區普惠金融。大灣區中小企業主體活躍，新質生產力發展集群度高，有較強的融資需求?？删劢怪行∑髽I主體，發展多層次債券市場，探索高收益債市場建設，為中小企業融資拓展新路徑。大灣區投資者數量眾多，證券交易活躍，金融產品也為投資者提供更多選擇。隨著投資需求不斷提升，可進一步增加柜臺債等債券品種發行規模，拓展投資渠道，為投資者提供更多金融產品。

　　債市服務大灣區養老金融。大灣區銀發經濟產業發展較快，養老產品和服務需求較多，產業需更多金融支持。政府部門、金融機構等主體可通過債市融資，更好支持養老產業，滿足群眾養老服務需求。大灣區養老金開戶數居全國前列，養老金規模較大，對金融產品提出更高要求。債市為投資者提供穩定收益，未來可拓展投資渠道，有序引導居民更多投資柜臺債等金融產品。

　　債市服務大灣區跨境金融。大灣區擁有在岸和離岸市場，具有國內國際雙循環協同發展天然優勢，政府和市場主體在推進跨境金融方面已有較多嘗試。可完善跨境發行相關制度，促進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字化水平和標準化水平；完善跨境人民幣結算和債券擔保品互認，助力人民幣國際化開創新局。

　　大灣區在國家經濟發展和對外開放中發揮支撐引領作用。應以服務實體經濟為著力點，以高質量發展為首要任務，著力發揮債券市場功能，不斷提質增效，為大灣區金融創新開放和經濟社會發展貢獻力量。

　　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