Deepen The Construction Of Government Bond Marke

Local government bonds are an important tool for fiscal policy.Since the establishment of the local government bond market in China,under the leadership of the financial department,significant progress has been made in the construction of the local bond market,which has fully played a role in stabilizing investment,addressing weaknesses,benefiting people’s livelihoods,promoting sales fees,expanding employment,and preventing risks.At present,China has entered a new stage of the "14th Five Year Plan".Against the background of coping with the COVID-19 and slowing economic growth,the local government bond market is facing a series of new situations and new problems.How to improve the marketization level of local bonds is the key to promoting the high-quality development of the local bond market.This study takes the promotion of local bond marketization as the perspective,sorts out the current situation of local bond marketization development,and explores the existing problems and solutions in the local bond market.Regarding the marketization development of local government bonds,this article believes that the local government bond market has developed rapidly and the level of marketization has significantly improved,mainly reflected in three aspects: firstly,building a market-oriented local bond issuance system,where the issuance price of local bonds can reflect the issuer’s information,and the management of underwriting groups is becoming increasingly perfect;The second is to form a multi-level market structure,with increasingly diversified domestic and foreign market participants,and the basic functions of the secondary market being realized;Thirdly,supporting facilities are becoming increasingly perfect,information disclosure is gradually standardized,and infrastructure construction effectively ensures the stable operation of the market.Based on the current situation of marketization of local bonds,this article believes that there are still the following problems in the local bond market:firstly,the scientific management of issuance term structure needs to be improved,and the management of underwriting syndicates needs to be standardized;Secondly,the liquidity level is low,the relevant tax mechanisms need to be optimized,the trading and circulation scenarios need to be expanded,and the investor structure is relatively concentrated;The third issue is that information disclosure needs to be improved,and there is an unreasonable layout of the infrastructure before and after the platform.This article analyzes and studies the above issues.In terms of local bond issuance management,study specific methods to optimize the term structure of local bond issuance,and establish a mechanism for information communication and supervision and management of local bond underwriting syndicates based on the experience of treasury bond underwriting syndicates;In terms of local bond trading and circulation,analyze the tax system and trading and circulation restrictions that restrict the liquidity of local bonds,and discuss measures to enrich the structure of local bond investors and expand opening up to the outside world;In terms of supporting facilities for local bonds,study the optimization of local bond information disclosure platforms,demonstrate the direction of unified and interconnected registration,custody and settlement,and promote the expansion of infrastructure services in valuation and other aspects.Finally,based on the research results of this article,corresponding policy recommendations are provided.Specifically,in terms of issuance management,utilizing local bond management strategic econometric models to optimize term structure management,establishing an information communication mechanism for local bond underwriting groups,and using indicators to improve the management efficiency of underwriting groups;In terms of trading and circulation,expand the application scenarios of local bonds in open market operations and futures margin,optimize the tax system of local bonds,enhance trading motivation,and enhance secondary market liquidity by introducing domestic and foreign investors;In terms of supporting facility construction,we will improve the information disclosure supervision system and platform functions,enhance the standardization and digitization level of information disclosure,promote the construction of green government bond information disclosure,unify the registration,custody,and settlement system,connect the unified backend with multiple frontends,and leverage the advantages of infrastructure to play the role of price indicators.The research results of this article have important reference significance for improving the management level of local bond issuance,transaction and circulation efficiency,and the construction of supporting institutional facilities.