Deputy Director-General ,Treasury Department, MOF,PRC 中国国债市场发展历程 与经验介绍 A Brief Introduction to China’s Domestic Government Bond Market 财政部国库司副司长: 周成跃 Zhou Chengyue Deputy Director-General ,Treasury Department, MOF,PRC 2005年4月27日 April 27, 2005

中国国债市场发展历程与经验介绍 A Brief Introduction to China’s Domestic Government Bond Market 一、中国国债市场发展历程 (Development Experience in Government Bond Market ) 第一阶段(the first period)：1981-1987年 第二阶段(the second period) ：1988-1996年 第三阶段(the third period) ：1997-2005年 二、中国国债市场发展经验与展望 (Prospect of China’s Government Bond Market)

中国国债市场发展历程 1981-1987年：中国国债市场的萌芽阶段 Experience from 1981 to 1987 这一阶段的主要特征包括： (1)没有一级市场和二级市场，国债发行采用行政分配方式，发行之后不能流通转让。 (2)国债以收据和实物为载体。 (3)国债品种为到期一次性还本付息国债，即零息国债。 (4)国债期限前长后短，利率前低后高，体现出一定的市场化因素。 During this period: (1) Bond issuance was by Administrative allocation, and bond couldn’t be transferred or traded. (2)Type structure: Physical bond was the only type . (3)All bonds were Zero Coupon bonds . (4)applied Some market method to bond issuance.

第二阶段：1988-1996年 由场外市场为主到场内市场为主(一) Experience from 1988 to 1996 During this period : Primary market appeared, issuing method was upgraded from underwriting to competitive bidding. Secondary market was established, most trade was at Stock Exchange. Term structure: mainly 3-year and 5-year bonds. Correlation between Bond market and Macro economic situation was becoming more and more obvious. 这一阶段主要特征有： 发行市场初步形成，发行方式逐步由柜台销售、承购包销过渡到公开招标。 二级市场逐步形成，逐步由场外市场为主向场内集中交易转变。 国债期限基本上以3年期和5年期为主。 宏观经济形势对于国债发行的难易和二级市场能否正常运行，具有很强的制约作用。

第二阶段：1988-1996年 (二) Experience from 1988 to 1996(p.2) 1988年：尝试通过柜台销售方式发行国债，开始国债流通转让试点，国债发行市场和二级市场初具雏形。 1989年，通过柜台销售方式首次发行保值公债。 1990年12月，上海证券交易所开业，标志着交易所国债市场的建立。 1991年开始采用承购包销方式发行国债。 1991年初国债流通转让业务扩大到除西藏以外的全国所有地市级以上城市。 1991年底，北京证券交易中心首次开办国债回购业务。 In 1988：issued bonds through bank’s counter. treasury bond secondary market was established. In 1989, issued inflation-proof bonds for the first time. In December of 1990, Shanghai Stock Exchange was open, marking the setting-up of the bond market at exchange. Began to issue bonds by Syndicate underwriting in 1991. In 1991,bond trading could be done in every province besides Tibet. At the end of 1991, the securities trade center of Beijing began to deal with Repo trading.

第二阶段：1988-1996年 (三) Experience from 1988 to 1996(p.3) (1) In 1993, book entry bonds were underwritten for the first time. Primary Dealer system was established. In 1994, started issuing document-based saving bonds , which is mainly toward individual investor. In 1996, four book entry bonds and two physical bonds were issued, by the competitive bidding way in exchange market. At the beginning of 1993, Shanghai Stock Exchange began the futures business of Treasure Bonds. In 1995, “3. 27 incident ” broke out. Bonds futures paused. 1993年采用承购包销方式首次尝试发行记账式国债，并建立了国债一级自营商制度。 1994年首次引入重点面向个人投资者发行的凭证式国债。 1996年，采用公开招标方式在交易所国债市场发行四期记账式国债和两次实物国债。 1993年初，上海证券交易所开办了国债期货交易业务。 1995年发生“3 . 27事件”，同年5月，国债期货暂停交易，至今尚未恢复。

第三阶段：1997-2005年 由银行间市场为主到逐步趋向统一 Experience from 1997 to 2005 During this period: The government bonds market takes Inter-bank market as the core. Term structure : main part is medium and long-term bonds, also issued ultra long-term fixed interest rate bonds ,and a small amount of floating interest rate bonds. Financial institutions become important investors of government bonds. Central Bank resumed Open Market Operation in government bonds market, and began issuing short-term Bills in 2003 to offset increasing foreign exchange reserve. 这一阶段主要特征： 国债市场以银行间市场为主。 国债期限以中长期国债为主，发行了超长期固定利率和少量浮动利率国债。 商业银行等各类金融机构成为非常重要的国债投资者群体。 中央银行恢复在国债市场上进行公开市场操作，并于2003年开始发行短期债券对冲外汇储备增长。

1996-97年：银行间国债市场初步形成 Experience from 1997 to 2005(p.2) 1996年底，中央国债登记结算公司成立，专门负责国债登记托管业务。 1997年6月，中国人民银行发出通知：(1)所有商业银行从交易所国债市场撤出；(2)开办银行间债券市场，商业银行持有国债由中央国债登记结算公司托管；(3)商业银行不能再购买和增加国债持有量。 1997年国债发行情况与1994-95年大体相同。 During 1996-1997: On December 2, 1996, China Government Securities Depository Trust & Clearing CO.,LTD(CDC) was established. In June of 1997, the People's Bank of China informed : (1)All commercial banks should withdraw from the national debt market at Stock Exchange.(2)Establish Inter-bank market, bonds held by commercial banks should be registered under CDC. (3)The commercial bank couldn’t increase the holding amount of the government bonds .

1998年开始实施积极财政政策 Experience from 1997 to 2005(p.3) Physical bonds were canceled in 1998. The proactive fiscal policy brings two great changes to government bonds market: Government bonds issue take medium and long-term national debt as the main type, in order to meet longer requirement in project cycle of the infrastructure. Commercial banks were allowed to buy and hold the government bonds again. 1998年起取消实物国债。 积极财政政策给国债市场带来两个重大变化： 国债发行以中长期国债为主，扭转了国债中短期化的趋势，以适应基础设施项目周期较长的需要。 商业银行重新被允许购买和持有国债，这有助于其成为国债市场上的重要参与者和投资者。

1997-2002年：以银行间市场为主的国债市场 Experience from 1997 to 2005(p.4) During 1997-2002: The amount of institutional investors at Inter-bank Market increased progressively . Set up the system of underwriting syndicate of treasury bonds from 2000, announce the issuing schedule quarterly. In 2002, four state-own commercial banks began OTC trading of treasury bonds in some areas. from the year 1999,(1)The issued amount of the annual document-based saving bonds remains stable, improve the proportion of issued amount of book entry bonds progressively ; (2)make a regular and rolling schedule of fixed rate bonds; (3)Issue book entry bonds throughout two markets, in order to make market unified ; (4)Choose the opportunity to issue the ultra long-term bonds, perfect the term structure of the treasury bonds. 银行间国债市场的机构投资者范围逐步扩大。 2000年起建立国债承销团制度，按季公布国债发行计划。 2002年，四家国有商业银行在部分地区开办记账式国债柜台买卖业务。 1999年对国债发行架构作出调整：(1)每年凭证式国债发行额保持稳定，逐步提高记帐式国债发行额所占比重；(2)定期滚动发行记账式国债，期限以中长期国债为主；(3)发行跨市场记账式国债，促进国债市场统一；(4)选择时机发行超长期国债，进一步完善国债期限结构。

2003-05年：国债市场逐步趋向统一 Experience from 1997 to 2005(p.5) Set up the system of underwriting syndicate of government bonds at Exchange market in 2001. Began to issue bonds throughout the Inter-bank market and Exchange market in 2002. At the beginning of 2003, publicized the yearly issuing schedule of 7-year benchmark bonds. In 2005, yearly issuing schedule of benchmark bonds, including 1-year 、 2-year、5-year、7-yearbonds is open. In 2003, formulated method for holders of bonds issued throughout two markets to change registered place. Will set up the unified underwriting syndicate of Book entry bonds in 2005. Used new auction method in 2004. 2001年在交易所建立国债承销团制度。 2002年开始发行跨市场国债，2003年推出跨市场发行的7年期基准国债定期发行计划，2004年增加2年期和5年期国债、2005年增加1年期国债作为基准国债。 2003年，制定并出台了跨市场国债转托管办法。 2005年将组建统一的记账式国债承销团。 不断完善记账式国债招标发行定价机制，2004年推出混合式招标方式。

中国国债市场发展经验与展望 Prospect of China’s Government Bond Market China is one of the few countries that can issue the ultra long-term government bonds. Make great efforts to improve the liquidity of secondary market. Work hard to understand the operation situation of economy and finance, guarantee to finish issuing task. Improve the system of document-based saving bonds ,formulate the Saving Bands system. Make the responsibility clear, that who is in charge of the government bonds, formulate a viable development scheme of government bonds market. 中国是当今世界能够发行超长期国债的为数不多的国家之一。 努力提高国债二级市场流动性。 努力把握经济金融运行态势，确保完成国债发行任务。 改进凭证式国债承购包销定价机制，制定面向个人投资者的不流通国债（即储蓄国债）发行计划。 明确国债市场主管部门，制定明确的国债市场发展规划。

谢 谢！ Thank you!