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◇ 作者：钟言
◇ 本文原载《债券》2025年1月刊
发展新质生产力是推动高质量发展的内在要求和重要着力点。新质生产力的显著特点是创新，既包括技术和业态、模式层面的创新，也包括管理和制度层面的创新。金融要为经济社会发展提供高质量服务，必须持续做好创新工作，推动新质生产力加快发展。债券市场在服务金融市场新质生产力发展中扮演重要角色，可以通过科技创新、产品创新与机制创新等手段，持续提升债券市场服务质效，不断满足金融市场新质生产力的发展需求。
大力支持科技创新，全面提升债券市场服务质效。目前，债券市场支持科创企业融资已取得较快发展，科创类债券及创新品种频出，相关融资规模快速增长。下一步，可持续优化科创债券融资服务机制，探索提升科创债全链条业务服务质效，持续研究推出支持新质生产力的债券品种和债券指数产品，提升科创企业融资便利性和债券市场活跃度。持续推进新技术在债券市场应用，强化数智赋能，利用人工智能、大数据、云计算等新技术完善债券全生命周期服务，推动债券担保品管理自动化和智能化发展，提升债券市场现代化水平。同时，注重科技应用安全性，加强金融科技审慎管理，在应用新技术时，需要格外注重安全保障并制定相应的风险管控措施，筑牢债券市场安全发展底线。
着力推进发展方式创新，深化可持续债券市场发展路径。我国可持续金融领域正蓬勃发展，绿色债券市场规模已跃居全球首位，转型债券规模稳步增长，社会责任债券理念日益凸显。下一步，可着力提升可持续金融服务能力，持续加强绿色、转型、生物多样性等可持续金融标准体系建设，强化信息披露能力建设和制度要求，完善政策激励约束和评价机制，创新金融产品服务供给和统计机制，持续推动绿色金融与科技金融、数字金融融合发展，深度服务可持续金融市场高水平建设。
扎实推进体制机制创新，促进债券市场制度建设与制度开放。近年来，监管部门对科创领域的政策支持与配套机制越发健全。下一步，可持续深化体制机制改革，深化功能性作用，完善债券市场基础设施布局，推动债券市场一体化发展。统筹开放与安全，稳步扩大债券领域制度型开放，既吸收借鉴国际市场先进经验，又注意总结境内良好实践并推动其走向国际，为发展新质生产力营造良好的生态环境。
展望未来，发展债券市场新质生产力将为金融市场注入新动力。债券市场是直接融资市场的重要组成部分，加大债券市场支持科创领域的力度，推动债券市场发展方式创新，深化债券市场体制机制改革，可以更好赋能新质生产力发展，助力金融强国建设。（编辑：祁畅 刘颖）
Cultivating New Quality Productivity in the Bond Market to Support High-quality Development of the Financial Market
Zhong Yan
Developing new quality productive forces is an inherent requirement and important focus for promoting high-quality development． A significant characteristic of new quality productive forces is innovation， which includes innovation at the levels of technology， business models， management and institutions． To provide high-quality services for economic and social development， the financial sector needs to make constant innovations and accelerate the development of new quality productive forces． The bond market plays an important role in facilitating the development of new quality productive forces as it improves its service quality and efficiency through innovation in technology， products and mechanisms．
Supporting technological innovation and improving the quality and efficiency of bond market services． At present， the bond market has achieved rapid development in supporting financing for science and technology innovation enterprises． Science and technology innovation bonds （sci-tech bonds） and related innovative varieties have been launched， resulting in a growing scale of financing． Going forward， it is suggested to optimize the service mechanism for sci-tech bonds， explore ways to improve the quality and efficiency of the entire chain of sci-tech bond services， and create bond varieties and indices that support new quality productive forces， so as to enhance the financing convenience and bond market activity of science and technology innovation enterprises． Efforts are also needed to promote the application of new technologies in the bond market， strengthen empowerment by digital intelligence， use new technologies such as artificial intelligence， big data， and cloud computing to improve bond services， facilitating automated and intelligent bond collateral management， and enhance the modernization level of the bond market． At the same time， attention needs to be paid to the security of technology applications， and prudent management of financial technology needs to be enhanced． When applying new technologies， risk control measures need to be put in place to ensure security of the bond market．
Innovating development patterns and deepening sustainable bond market development． Sustainable finance in China is flourishing， with the world’s largest green bond market， a rising amount of transition bonds and growing emphasis on social responsibility bonds． Next， efforts can be made to enhance sustainable financial service capabilities， develop standards for green， transition and biodiversity finance， strengthen information disclosure， improve policy incentives and evaluation mechanisms， innovate financial product service supply and statistical mechanisms， and promote integrated development of green finance， technology finance and digital finance， so as to buttress high-level development of sustainable finance．
Innovating institutions and mechanisms to promote bond market development and opening-up． In recent years， regulatory authorities have provided sound policy support for science and technology innovation． In the future， it is proposed to deepen institutional and mechanism reforms， improve the infrastructure layout of the bond market， and promote the integrated development of the bond market． A balance needs to be struck between opening-up and security． To steadily expand institutional opening-up of the bond market， efforts need to be made to draw on international experience while also promoting good Chinese practices to the world， thus creating a favorable environment for the development of new quality productive forces．
Going forward， the development of new quality productive forces in the bond market will inject new impetus into the financial market． As an important component of the direct financing market， the bond market can empower the development of new quality productive forces and facilitate the overall financial development by increasing the support for science and technology innovation， innovating the market development pattern and deepening the institutional reform．
◇ Editors： Qi Chang， Liu Ying
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