自贸债：制度型开放的新引擎

Core Insights - The Free Trade Zone Bonds (referred to as "FTZ Bonds") have evolved over the past decade into a key innovation for China's financial openness, establishing a market ecosystem characterized by cross-border features and risk resilience [1][3] - The issuance of FTZ Bonds has created efficient channels for cross-border financing for the real economy and has accumulated valuable experiences for institutional openness [1][3] - Future developments should draw on experiences from mature markets like London and Hong Kong to further activate market potential and allow domestic and foreign capital to share in China's opportunities [1][3] Market Development - FTZ Bonds serve as a "two-way bridge" linking domestic and foreign capital markets, with a cumulative issuance of approximately 130 billion yuan by June 2025, attracting diverse issuers and investors [3] - The first issuance of the "Yulan Bond" in January 2026 marked a significant step in providing offshore financing paths for financial institutions in the FTZ, with a cumulative issuance exceeding 22 billion yuan and a year-on-year growth rate of over 40% [3][4] Strategic Focus - FTZ Bonds should focus on three core areas: supporting national strategies, empowering the real economy, and promoting the internationalization of the renminbi [4] - The market still has potential for growth, with limited participation channels for domestic investors and high costs for foreign investors due to issues like custody and settlement mechanisms [4] Legislative Framework - The introduction of the "Regulations on the Development of FTZ Offshore Bond Business" in December 2025 marks a new phase for the FTZ Bond market, providing clear institutional expectations and defining the boundaries of FTZ offshore bonds [5][6] - The regulations aim to enhance market governance through a combination of government oversight, regulatory collaboration, and industry self-discipline [5][6] Future Directions - The FTZ Bond market should continuously adapt to market needs and international experiences, focusing on functional orientation, flexible institutional frameworks, and optimizing key mechanisms [6][7] - Efforts should be made to lower participation costs for international investors and broaden participation channels for domestic investors, including integrating FTZ Bonds into liquidity asset measurements for commercial banks [9][10] Ecosystem Development - The development of a professional intermediary service system is essential for enhancing the efficiency of the entire service chain, including underwriting, legal, rating, and auditing services [10] - Risk management mechanisms must be strengthened, including monitoring cross-border capital flows and establishing clear rules for investor rights protection [11]