中债评论 | 贯彻落实新发展理念 推动债券市场进而有为（附英文版）
党的十八届五中全会确立了创新、协调、绿色、开放、共享的新发展理念。党的二十大报告强调贯彻新发展理念是新时代我国发展壮大的必由之路。中央结算公司作为国家重要金融基础设施，将持续贯彻落实新发展理念，充分发挥金融支持实体经济作用，争取为中国债券市场建设作出新的贡献。
一是贯彻创新理念。大力支持科创企业融资，探索在科创债市场创新中介机构选择机制，由发行人付费、投资人选择，以解决可能存在的利益关联问题，确保中介机构客观、中立地出具意见。积极落实数字化战略部署，争取国家区块链创新应用试点项目成功落地，探索应用可扩展商业报告语言（XBRL）技术实现债券市场信息披露数字化。探索应用模型优化地方债期限结构管理，合理控制筹资成本。
二是贯彻协调理念。继续贯彻落实中债方案，积极推动前后台直联、实现跨市场直通式处理。创新柜台业务模式，实现“实时数据、实时结算”，落实更加安全、高效的券款对付（DVP）结算模式。巩固为每只资管产品在中央托管机构单独开立债券账户的“一品一户”模式，服务穿透监管和投资者权益保护。抓紧开展业务和技术协调，推动信息披露共享。
三是贯彻绿色理念。与市场成员共建共商共享，逐步推动中债绿色指标体系升级为行业标准、国家标准乃至国际标准。探索扩大中债绿债环境效益指标体系应用范围，支持发行符合信息披露标准的绿色债券，支持其应用于绿色信贷、绿色金融租赁等领域，有效防范“洗绿”“漂绿”行为。持续完善环境、社会和公司治理（ESG）评价体系，将环境效益指标纳入“E”的考核评价，研发以ESG指数、绿色债券指数为标的的指数基金。推动环境效益指标深入应用，研究拓展至转型金融、可持续金融领域，探索将其纳入粤港澳大湾区绿色金融标准体系，并持续提升我国在绿色金融领域的国际影响力。
四是贯彻开放理念。统筹发展在岸和离岸业务，持续巩固主流开放渠道，在现有基础上改进全球通模式，便利境外中小投资者入市。探索建立安全、可控的自贸区离岸债券市场，支持境内外机构离岸交易、跨境结算，便利境内企业多渠道筹集资金。研究推动直接入市的境外机构投资者参与债券回购交易和套期保值期货交易，更好吸引外资流入。
五是贯彻共享理念。推动债券市场标准体系建设国际化，更好发挥标准的行业引领作用。研究推动中债国债收益率作为贷款市场的定价基准，促进商业银行市场化改革。研究推动在理财、存款等业务中借鉴柜台债券市场的第三方复核查询机制，有效防范业务造假、资金挪用风险。坚持切实穿透资管产品底层资产，防止资金违规流向高风险项目。
中流击水，奋楫者进。中央结算公司将深入学习党的二十大精神，贯彻落实党中央、国务院决策部署，踔厉奋发、勇毅前行，为建成国际一流金融基础设施不懈努力，为全面推进金融高质量发展贡献力量，为全面建成社会主义现代化强国团结奋斗！
◇ 本文原载《债券》2022年11月刊
◇ 作者：钟言
◇ 编辑：涂晓枫 印颖
To Implement New Development Philosophy and Support Bond Market Development in a Progressive and Profound Manner
ZHONG Yan
The Fifth Plenary Session of the 18th CPC Central Committee established the new development philosophy which is based on innovative, coordinated, green, open and shared development. The Report to the 20th CPC National Congress emphasized that implementing the new development philosophy is the path China must take to grow stronger in the new era. As an important national financial infrastructure, CCDC will continue to put the new development philosophy into practice, give full play to the role of financial support to the real economy, and strive to make new contributions to the development of China's bond market.
First, to implement the innovation philosophy. CCDC will support the financing of tech companies, explore the innovative mechanism for intermediary selection in the tech bond market, which will allow intermediaries to be paid by the issuer while selected by the investors, so as to address the possible intertwined interests and ensure the objectivity and neutrality of intermediary opinions. It will also try to put the digital strategic deployment into practice by promoting the implementation of the national blockchain innovative application pilot project and exploring the application of extensible business reporting language (XBRL) technology in the digitalization of information disclosure in the bond market. Moreover, CCDC will explore the application of models to optimize the term structure management of local government debt so as to manage the financing costs better.
Second, to implement the coordination philosophy. CCDC will continue to implement the ChinaBond Solutions, promote direct connectivity between the front and back offices, and realize cross-market straight-through processing (STP). It will also innovate the bank counter-based business mode, enable “real-time data and real-time settlement”, and practice the safer and more efficient DVP settlement. It will consolidate the “one product, one account” model which keeps a separate bond account with the CSD for each asset management product, thus facilitating look-through supervision and investor protection. In addition, CCDC will focus on the coordination between business and technology, and promote information disclosure and sharing.
Third, to implement the green philosophy. By working with market participants, CCDC will gradually promote the upgrading of the ChinaBond Green Indicator System to an industry standard, a national standard and even an international standard. It will also explore extended use of the Indicator System, support the issuance of green bonds that meet the information disclosure standards, support such bonds to use their proceeds in green credit, green financial leasing and other fields, and effectively prevent “greenwashing” behaviors. CCDC will improve its environmental, social and corporate governance (ESG) evaluation system, incorporate environmental impact indicators into the evaluation of “E”, and support index funds that track ESG or green bond indices. It will also promote the in-depth application of the environmental impact indicators, try to expand their application to transitional finance and sustainable finance, explore to incorporate them into the local green financial standards of the Guangdong-Hong Kong-Macao Greater Bay Area, and enhance China's international influence in green finance.
Fourth, to implement the open philosophy. CCDC will coordinate the development of onshore and offshore business, consolidate the mainstream market access channel, improve the CIBM Direct mode, and facilitate market entry by small and medium-sized foreign investors. It will explore a safe and controllable offshore bond market in the FTZ, support offshore transactions and cross-border settlement by domestic and foreign institutions, and make it more convenient for domestic enterprises to raise funds through multiple channels. Moreover, it will conduct research and promote foreign institutional investors that enters the market directly to participate in bond repo transactions and futures transactions for the purpose of hedging, so as to attract more foreign capital inflows.
Fifth, to implement the sharing philosophy. CCDC will promote the internationalization of the bond market standard system and give full play to the leading role of standards. It will promote the ChinaBond Government Bond Yield to become the benchmark of the loan market, and facilitate the market-oriented reform of commercial banks. Drawing on the third-party review and inquiry mechanism in the bank counter-based bond market, it will try to promote the mechanism in wealth management, deposit and other businesses to prevent the risks of fraud and misappropriation of funds. CCDC will insist on look-through to the underlying assets of asset management products, and prevent funds from flowing to high-risk projects in violation of regulations.
Venturing in the midstream, only those who row hard make headway. CCDC will follow the spirit of the 20th CPC National Congress, and implement the arrangements of the CPC Central Committee and the State Council. It will work hard to become a world-class financial market infrastructure, contribute to the high-quality financial development, and to help build a modern socialist country in all respects.
This article was first published on Bond Monthly (Nov.2022).Please indicate the source clearly when citing this article. The English version is for reference only, and the original Chinese version shall prevail in case of any inconsistency.
◇ Editors：TU Xiaofeng, YIN Ying
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