1998年开始实施积极财政政策 Experience from 1997 to 2005(p.3)
1998年起取消实物国债。 Physical bonds were canceled in 1998. 积极财政政策给国债市场带 The proactive fiscal policy 来两个重大变化： brings two great changes to 国债发行以中长期国债为主， government bonds market: 扭转了国债中短期化的趋势， Government bonds issue take 以适应基础设施项目周期较 medium and long-term national 长的需要。 debt as the main type, in order 商业银行重新被允许购买和 to meet longer requirement in project cycle of the 持有国债，这有助于其成为 infrastructure. 国债市场上的重要参与者和 Commercial banks were 投资者。 allowed to buy and hold the
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)
government bonds again.
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: 银行间国债市场的机构投资者 The amount of institutional investors at Inter范围逐步扩大。 bank Market increased progressively . 2000年起建立国债承销团制度， Set up the system of underwriting syndicate of treasury bonds from 2000, announce the 按季公布国债发行计划。 issuing schedule quarterly. 2002年，四家国有商业银行在 In 2002, four state-own commercial 部分地区开办记账式国债柜台 began OTC trading of treasury bondsbanks in some 买卖业务。 areas. 1999年对国债发行架构作出调 from the year 1999,(1)The issued amount of 整：(1)每年凭证式国债发行额 the annual document-based saving bonds 保持稳定，逐步提高记帐式国 remains stable, improve the proportion of 债发行额所占比重；(2)定期滚 issued amount of book entry bondsively ; (2)make a regular and rolling 长期国债为主；(3)发行跨市场 schedule of fixed rate bonds; (3)Issue book 记账式国债，促进国债市场统 entry bonds throughout two markets, in order (4)Choose the 一；(4)选择时机发行超长期国 to make market unified ;ultra long-term bonds, opportunity to issue the 债，进一步完善国债期限结构。 perfect the term structure of the treasury bonds.
第二阶段：1988-1996年 (三) Experience from 1988 to 1996(p.3)
(1) In 1993, book entry bonds 1993年采用承购包销方式首次 were underwritten for the first time. 尝试发行记账式国债，并建立 Primary Dealer system was established. 了国债一级自营商制度。 In 1994, started issuing 1994年首次引入重点面向个人 document-based saving bonds , 投资者发行的凭证式国债。 which is mainly toward individual 1996年，采用公开招标方式在 investor. 交易所国债市场发行四期记账 In 1996, four book entry bonds and two physical bonds were 式国债和两次实物国债。 issued, by the competitive bidding 1993年初，上海证券交易所开 way in exchange market. At the beginning of 1993, 办了国债期货交易业务。 1995年发生“3 . 27事件”， Shanghai Stock Exchange began the futures business of Treasure 同年5月，国债期货暂停交易， Bonds. 至今尚未恢复。 In 1995, “3. 27 incident ” broke out. Bonds futures paused.
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
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 由场外市场为主到场内市场为主(一) Experience from 1988 to 1996
During this period : 这一阶段主要特征有： Primary market appeared, 发行市场初步形成，发行方 issuing method was upgraded 式逐步由柜台销售、承购包 from underwriting to competitive 销过渡到公开招标。 bidding. 二级市场逐步形成，逐步由 Secondary market was 场外市场为主向场内集中交 established, most trade was at 易转变。 Stock Exchange. 国债期限基本上以3年期和5 Term structure: mainly 3-year and 5-year bonds. 年期为主。 宏观经济形势对于国债发行 Correlation between Bond 的难易和二级市场能否正常 market and Macro economic situation 运行，具有很强的制约作用。 morewas becoming more and obvious.
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: 这一阶段主要特征： The government bonds market 国债市场以银行间市场为主。 takes Inter-bank market as the core. 国债期限以中长期国债为主， 发行了超长期固定利率和少 Term structure : main part is medium and long-term bonds, 量浮动利率国债。 also issued ultra long-term fixed 商业银行等各类金融机构成 interest rate bonds ,and a small 为非常重要的国债投资者群 amount of floating interest rate bonds. 体。 Financial institutions become 中央银行恢复在国债市场上 important investors of government bonds. 进行公开市场操作，并于 Central Bank resumed Open 2003年开始发行短期债券对 Market Operation in government 冲外汇储备增长。 bonds market, and began issuing short-term Bills in 2003 to offset increasing foreign exchange reserve.