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“一带一路”战略的实施离不开金融支持,当前学者对于主权引导的金融支持机制研究较多,而针对市场化机制的研究比较鲜见。本文以中国债券市场开放为视角,提出了以市场化融资机制支持“一带一路”战略的新思路。债券市场可以为“一带一路”建设提供直接融资支持,也可以通过国际开发机构等提供间接融资支持。与主权引导机制相比,债券市场的融资具有可持续性强、公开透明、融资成本较低、金融风险分散等特殊优势,同时还能在助力“一带一路”战略中实现资本项目开放和人民币国际化、提升金融话语权等战略目标。
The implementation of the “Belt and Road” strategy can not be separated from financial support. Currently, there are many studies on the financial support mechanism guided by sovereignty, while the research on market-oriented mechanism is relatively rare. From the perspective of the opening up of China’s bond market, this paper puts forward a new idea of using the market-oriented financing mechanism to support the “Belt and Road” strategy. The bond market can provide direct financing support for the construction of the “One Belt and One Road,” and indirect financing support can also be provided through international development agencies. Compared with the guiding mechanism of sovereignty, the bond market has the special advantages of strong sustainability, openness and transparency, lower financing costs and diversified financial risks. At the same time, it can also realize the liberalization of capital account in the strategy of boosting the “Belt and Road” RMB internationalization, improve financial discourse and other strategic goals.