China News Service, Beijing, October 30 (Wei Wei and Fu Yumei) On October 30, the "New Vision, New Economy and New Journey—" jointly sponsored by the China Bond Capital Market Forty Forum and China News Service's new financial media Zhongxin Jingwei- —The First Summit of the Forty Forum on China’s Bond Capital Market" was held in Beijing. About 200 people including industry experts and business representatives attended the meeting.

The forum focused on cutting-edge topics such as the development of China's financial market in the post-epidemic era and the future development prospects of the bond market to discuss the future of China's bond industry and capital market development.

Scene of the first summit of the Forty Forum of China Bond Capital Market

The bond market scale exceeds one hundred billion yuan

　　China News Agency President Chen Junjun said that the world-renowned Fifth Plenary Session of the 19th Central Committee closed in Beijing yesterday, drawing a blueprint for the development of China in the next 5 or 15 years.

At the critical moment when the "13th Five-Year Plan" ends and the "14th Five-Year Plan" begins, all walks of life are planning future development plans.

As an important part of China's economy, the future development of the bond capital market has also attracted much attention.

　　Chen Yuan, the vice chairman of the 12th National Committee of the Chinese People's Political Consultative Conference, pointed out in a video speech that China's bond market continues to grow and the market size has exceeded 100 trillion yuan, making it the world's second largest bond market.

At the same time, China’s bond market mechanism has continued to improve, showing the distinctive characteristics of diversification of issuers, marketization of issuance methods, and diversification of issuance periods, which have better met the needs of different investment and financing entities, and have significantly enhanced the ability to support the real economy. It played an important role in the establishment and improvement of the socialist market economic system.

However, China's bond market still has some shortcomings in terms of basic institutions, market structure, innovation capabilities, and market supervision, which restrict the role of serving the real economy.

　　"The full development of the bond market, especially the treasury bond market, is an important means for the public finances to allocate resources, develop financial financing, and diversify the sources of funds for the majority of enterprises. In this sense, China’s bond market has made considerable progress. , But there is still a long way to go.” said Zhu Xian, deputy governor of the BRICS New Development Bank and former deputy governor of the World Bank.

Promote the high-quality development of the bond capital market

　　According to Lu Xin, former deputy minister of the Ministry of Education, the bond market has made significant contributions to the field of direct financing this year, and has made important achievements in terms of market function, variety, and market size.

Up to now, the balance of China's bonds has reached 110 trillion yuan, which has played a very important role in promoting economic development, and the varieties have also been continuously innovated.

　　In order to achieve the high-quality development of the bond capital market, Lu Xin put forward three suggestions. One is to be bigger, stronger and better; the other is high efficiency and liquidity, which requires market system improvement; and the third is to improve supporting systems.

　　Gao Jian, former vice president of the China Development Bank, believes that to make the development of a company an important driving force for the new economy, the innovation of the capital market must be combined with the innovation of the enterprise.

The bond market represents the deepening stage of the financial market, and it will be further developed in the future.

　　When talking about the future direction of financial development, Gao Jian pointed out that financial institutions should do "tailor-made" business. China's financial system will move from a banking-based to a capital market-based, and capital market is derived from it. Derivatives market, thereby greatly improving the efficiency of the capital market.

　　Sun Xiaoxia, chairman of the China National Debt Association and former director of the Financial Department of the Ministry of Finance, mentioned that the function of government bonds should be better utilized.

Government bonds have played an indispensable role in supporting economic development. As of 2019, the annual compound growth rate was 1.1 times, and the cumulative issuance scale reached 4.79 trillion yuan. It is expected that the issuance scale will reach 3.75 trillion yuan by the end of 2020, and the scale of government bond issuance will expand. Promoted the proactive fiscal policy to be more proactive.

In addition, government bonds are well-versed in resolving risk crises, and government bonds are stable and long-term, and the future is promising.

The future direction of debt management still needs to focus on "stability", focusing on avoiding disorderly expansion of debt scale and preventing potential risks.

　　Rong Zhiping, the former general manager of the China Financial Futures Exchange, believes that compared to the stock capital market, the bond capital market, as the foundation of the financial market, plays a more important role in optimizing resource allocation and promoting a high-level circulation of capital and the real economy.

The important way for the bond capital market to optimize the allocation of resources is to break the separation of the bond market and the credit market, and give play to the fundamental role of the bond market in the pricing of financial products.

It is recommended to accelerate the opening up of the credit rating industry

　　Liu Zhongli, former minister of the Ministry of Finance, said that while the bond market is developing, three issues should be paid attention to. One is to guarantee the repayment of the principal and the other is to guarantee the payment of interest.

Therefore, Liu Zhongli emphasized that capital market intermediaries are very important. They must reassure investors, the market, and the government's satisfaction.

The intermediary economy should play an important role, and the evaluation agency must be able to produce actual research reports.

　　Guan Tao, global chief economist of Bank of China Securities and former director of the International Balance of Payments Department of the State Administration of Foreign Exchange, said that it is necessary to further improve and strengthen the construction of our bond market infrastructure, such as the interconnection of the bond market, unify information disclosure standards, and improve bond default handling Mechanisms to enrich the bond market's varieties, so that the bond market can improve the efficiency of resource allocation, increase its liquidity, better meet the needs of opening up, and better support the internationalization of the RMB.

　　Guan Tao suggested that the opening up of the credit rating industry should be accelerated, domestic competition should be promoted, and the quality of credit ratings should be improved. This is also very important for the future opening of the bond market.

At the same time, a series of related financial services such as accounting and auditing are also vital to the institutional and systematic opening of the bond market.

　　Liu Shangxi, Secretary of the Party Committee and Dean of the Chinese Academy of Fiscal Sciences, also pointed out that "domestic circulation as the main body" does not mean shutting down the country, or closing the door for construction. It requires a higher level of openness and needs to grow through external circulation. Internal circulation, strengthen the country's comprehensive strength.

"Inner circulation is the purpose, and outer circulation is the means. We cannot open for the sake of opening up, and circulate out for the outer circulation." He mentioned.

　　"Chinese finance must focus on the future." Wu Xiaoqiu, former vice president of Renmin University of China, said at the forum. There are three forces driving future development. One is market-oriented reforms. Without market-oriented reforms, Chinese finance cannot create a competitive landscape; The second is to promote the restructuring of technology in finance. Technology can diversify financial formats and better meet the financial needs of low- and middle-income groups and small and medium-sized enterprises. The third is to open up and internationalize. Promote the opening up of China's finance during the Fourth Five-Year Plan period.

　　The forum also invited Yao Feng, former party secretary of the China Association of Listed Companies, former member of the Standing Committee of Hangzhou Municipal Committee, and deputy mayor, Liu Xuan, president of the China Financial Futures Exchange Research Institute, and Meng Tianshan, vice president of China Development Bank Securities Co., Ltd. Liu Fan, Deputy General Manager of National Debt Depository and Clearing Co., Ltd., Yu Qing, Chairman of Nomura Orient International Securities Co., Ltd., Zhang Nan, Executive General Manager of Bond Financing Department of Essence Securities Co., Ltd., Wang Jun, CFO of Daily Fresh Food, and Guo, Vice President Qi, Liang Linjun, founder of Shanghai Forsythia Asset Management Co., Ltd. also gave a wonderful speech.

Roundtable Forum

　　At the forum, the "Enterprise Investigation and Research Activities" was officially launched.

Enterprise Research Miles is an important way for the China Bond Forty Forum to achieve effective integration and unification of think tank theory research and market supervision research and practice, and to achieve effective communication with well-known companies in key research industries.

The research activities will go deep into the front line of the company, understand the needs and pain points of the company's development, and effectively implement the think tank as an independent and impartial think tank, and continue to contribute in-depth and professional strength to the strategic development of the company.

　　Wang Liyuan, director of the Executive Committee of the Forty Forum of China Bond Capital Market, pointed out that the bond market is an important part of the financial market, and the bond market is an indispensable part of a country's financial system.

A mature and unified bond market can provide investors and fundraisers in the whole society with low-risk investment and financing tools. The bond yield curve is the benchmark for the level of return of all financial products in the social economy.

Although the bond market is relatively small in the entire financial system, it has great room for development.

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