中国结算表示，自受信用保护回购业务推出以来，截至3月21日，已有11家大型证券公司和信用增 进公司申请成为合格创设机构，有力支持了60多家企业发行超过1000亿元的债券融资，切实发挥信用保 护工具便利中小民营企业债券融资、服务支持实体经济的作用。 中信证券首席经济学家明明认为，进一步放宽回购债券的评级要求，可以帮助稍低资质的民营企业 更容易进入债券市场，拓宽其融资渠道，并帮助发债企业以更低的成本筹集资金。信用保护工具还可以 在一定程度上将信用风险从投资者转移至创设方，实现风险的分散和转移，有利于提高债券的流动性、 提振市场情绪与交投活跃度，有助于维护市场稳定健康发展。 大公国际首席宏观分析师刘祥东表示，这一系列举措旨在进一步推动债券市场稳固发展，提升市场 流动性和融资效率，降低企业融资成本，大力支持绿色金融、科技创新和民营经济发展。这将有助于引 导资金流向国家重点支持领域，共同促进债券市场健康发展，增强投资者信心，稳定金融市场。 今年1月份，证监会印发的《促进资本市场指数化投资高质量发展行动方案》提出，研究将信用债 ETF纳入债券通用回购质押库，逐步补齐信用债ETF发展短板。3月21日，中国结算发布《关于信用 ...

Core Viewpoint - The article discusses three new measures introduced by China Securities Depository and Clearing Corporation to enhance the development of the bond market, particularly focusing on credit bond ETFs, facilitating financing for small and medium-sized private enterprises, and reducing certain bond registration and settlement fees [1][2]. Group 1: Credit Bond ETF Development - The new measures include optimizing the bond ETF support mechanism, providing convenience for private enterprises to issue bonds, and continuing to offer fee reductions for bond issuers [2][4]. - The introduction of trading exchange repurchase for credit bond ETFs is expected to improve liquidity, attractiveness, and trading activity of these products, thereby supporting the construction of the credit bond market and attracting long-term capital [2][4][5]. - The eligibility criteria for credit bond ETFs to participate in repurchase transactions include a minimum net asset value of 2 billion RMB and at least five market makers or liquidity service providers [4][5]. Group 2: Expansion of Credit Protection Bond Repurchase - The recent revision of the interim measures for credit protection bond repurchase broadens the range of eligible collateral to include bonds rated AA and above, facilitating access for more small and medium-sized private enterprises [7][8]. - Since the introduction of credit protection repurchase in 2021, it has supported over 100 billion RMB in bond financing for more than 60 enterprises, demonstrating its effectiveness in aiding private enterprise financing [7][8]. Group 3: Reduction of Financing Costs for Bond Issuers - Starting from May 1, 2025, to December 31, 2026, certain fees for green corporate bonds and technology innovation corporate bonds will be waived, along with continued waivers for private enterprise bond issuers [10]. - The ongoing fee reduction measures aim to lower the financing costs for bond issuers, particularly benefiting sectors like technology innovation and green finance, while enhancing market activity [10].