中文摘要：

中国经济进入新常态,债券市场的发展面临着新机遇和新挑战。本文从我国债券市场发展的历史背景出发,回顾了中国债券市场从1949年到2014年的发展历程,从债券市场的基础配套机构、参与者的内部治理结构和监管体制等方面指出了新常态下中国债券市场面临的新挑战,并提出未来债券市场改革发展的方向和对策建议。本文认为,建立破产偿债机制、完善托管结算体系和改革债券市场监管体制是未来中国债券市场完善发展的思路和方向,是构建中国多层次资本市场的必要前提和制度保障,是中国由资本大国走向资本强国的必经阶段。

英文摘要：

With the development of China’s economy into the new normal, the bond market is faced with new opportunities and challenges. In this paper, we start from the historical background of development of China’s bond market, reviewing the bond market from 1949 to 2014 from its innovation, internationalization and standardization. We point out that China’s bond market is facing new challenges under the new normwith respect to the infrastructure of the bond market, the internal coordination and the participation of the governance and regulatory system. We believe that the establishment of bankruptcy repayment mechanism, the improvement of managed settlement system and the reform of the bond market supervision system are the direction of China’s bond market in the future. Also, it is the necessary precondition and system guarantee of constructing the multi-level capital market in China. In the end, it is the inevitable stage for China to change from the capital country into the capital-power country.