东方把事情做大了！原来发40亿美元债只是烟雾弹，真正的狠招是建立比美国更可信的体系。

Core Insights - A significant move in the international financial arena has been made by a certain country, issuing large amounts of bonds in the dollar market, aiming to establish a more credible asset pricing system compared to a certain Western power [1] - The bond issuance saw a subscription rate of 30 times, far exceeding the 2.5 times subscription level of the Western power's government bonds, indicating global capital's recognition and a shift towards a pricing power contest in the dollar-dominated financial landscape [1] Group 1 - The country issued dollar bonds with a 3-year interest rate of 3.64% and a 5-year rate of 3.79%, nearly on par with the Western power's government bond rates, reflecting a fundamental change in international investors' risk assessment [3] - In 2017, the country’s bond rates were 1.5 to 2 percentage points higher, showing a significant improvement in perceived risk [3] Group 2 - The country has a low debt-to-GDP ratio and substantial foreign exchange reserves, contrasting sharply with the Western power, which has a massive debt burden exceeding safe limits, with interest payments in 2024 projected to be astronomical [6] - The country’s bond rates are 1 percentage point lower than those of the Western power, indicating higher market confidence in its creditworthiness [6] - Despite the market's recognition, Western rating agencies continue to assign lower credit ratings than warranted, leading to growing skepticism about their credibility as investors increasingly rely on actual market performance [6]