中国债券市场高水平开放的困境与对策研究  

A Study on the Dilemma and Countermeasures of High Level Opening-up of China's Bond Market

作　　者：刘伟 张树深[2] Liu Wei;Zhang Shushen

机构地区：[1]中翰格瑞(大连)环保技术有限公司 [2]大连理工大学环境学院

出　　处：《宏观经济研究》2025年第2期87-97,共11页Macroeconomics

摘　　要：债券市场作为金融市场的核心,其高水平制度型开放是建设金融强国、构建双循环发展格局的重要抓手。中国债券市场已经历初始探索、试点扩大、加速开放等阶段,境外机构参与度不断提升。然而,开放步伐仍面临诸多困境,如金融基础设施碎片化、金融中介跨境服务能力不足、金融产品体系及管理模式不完善、债券市场制度规范待优化等。本文系统梳理了中国债券市场开放的现实意义、历史进程与发展困境,并基于国情提出债市高水平开放的对策,为债券市场的制度型改革提供理论支撑和政策建议。As the core of the financial market,the bond market's high level institutional opening-up is crucial lever for building a strong financial nation and constructing a dual-circulation development paradigm.China's bond market has gone through the stages of initial exploration,pilot expansion and accelerated opening-up,and the participation of foreign institutions has been increasing.However,the pace of opening-up still faces many difficulties,such as the fragmentation of financial infrastructure,insufficient cross-border service capacity of financial intermediaries,imperfect financial product system and management mode,and optimization of bond market institutional norms.This article systematically combs through the practical significance,historical process and development dilemma of China's bond market opening-up and puts forward countermeasures for high-level bond market opening-up based on the national situation,providing theoretical support and policy suggestions for the systematic reform of the bond market.

关 键 词：债券市场 高水平开放 制度型开放 金融基础设施 

分 类 号：F832.5[经济管理—金融学]