中国式现代化系列研究之四：债券市场助力中国式现代化的路径研究 结合二十届三中全会最新部署

Group 1: Green and Sustainable Development - The bond market in China actively supports national strategies such as green development, poverty alleviation, and rural revitalization through various financial products like green bonds and poverty alleviation bonds[1] - The bond market guides capital towards green industries and environmental projects, facilitating the country's economic green transition[1] Group 2: Integration of Technology and Finance - The bond market incorporates technologies like big data, artificial intelligence, and blockchain to enhance market transparency and efficiency, ensuring transaction authenticity and security[1] - Innovative bond types such as technology innovation bonds and venture capital bonds provide stable long-term funding for high-tech enterprises and innovative SMEs, promoting technology transfer and industrial upgrading[1] Group 3: Direct Financing and Market Structure - The direct financing ratio in China remains low, with bond financing peaking at only 12.9% of social financing in 2018 and dropping to 4.6% in 2023, before rebounding to approximately 8.1% by mid-2023[2] - The report emphasizes the need to accelerate the construction of a multi-layered bond market to meet diverse financing needs and reduce reliance on bank loans[2] Group 4: Risk Prevention and Regulatory Framework - The report highlights the importance of enhancing the regulatory framework to prevent major risks and ensure the healthy and stable development of the capital market[2] - It calls for unified standards in bond issuance, pricing, trading, and information disclosure to improve market transparency and liquidity, thereby mitigating risks[2]