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为应对国际金融危机的冲击,实施积极的财政政策和适度宽松的货币政策,加大金融支持力度,继国务院办公厅发布以金融促进经济发展的30条意见并明确提出“推进上市商业银行进入交易所债券市场试点”的意见后,中国证监会、银监会也相继出台相关规定,允许上市商业银行进入交易所债券市场进行交易,以促进企业融资,推动债券市场发展。这无疑会推进“统一互联的债券市场体系”的建立,对加快建设多层次资本市场体系,发挥债券市场的资源配置功能具有重要意义。近年来理论界和实践中争论颇多的“市场统一问题”也将随之拉开帷幕。笔者拟从市场统一的背景、路径选择及对金融稳定的影
In response to the impact of the global financial crisis, the Bank implemented a proactive fiscal policy and a moderately easy monetary policy to increase financial support. Following the announcement by the General Office of the State Council of 30 opinions on promoting economic development through finance, the Bank clearly stated that “promoting the entry of listed commercial banks China Securities Regulatory Commission and China Banking Regulatory Commission have also promulgated relevant regulations one after another, allowing listed commercial banks to enter the exchange bond market to conduct transactions in order to promote corporate financing and promote the development of the bond market. This will undoubtedly promote the establishment of a ”unified and interconnected bond market system,“ which is of great significance to speeding up the construction of a multi-level capital market system and giving full play to the function of allocating resources in the bond market. In recent years, there has been a lot of controversy among theorists and practitioners in the field of ”market unification." I intend to unify the background from the market, the path of choice and the impact on financial stability