中国在2025年为外国投资者扩大了债券市场的准入,提高流动性和融通到全球金融中心地位. China expanded bond market access for foreign investors in 2025, boosting liquidity and integration toward global financial hub status.

中国正在通过深化债券市场的连接, 实现成为全球金融中心的目标. 到2025年底该国债券市将达到196.7万亿元人民币 (28.5万亿美元). China is advancing its goal of becoming a global financial hub by deepening connectivity in its bond market, which reached 196.7 trillion yuan ($28.5 trillion) by end-2025. 自2019年以来的改革,包括跨市场交易和扩大银行接入,改善了流动性和政策传输. Reforms since 2019, including cross-market trading and expanded bank access, have improved liquidity and policy transmission. 2017年和2021年推出的北方债券连接 (Northbound and Southbound Bond Connect) 促成了外国投资,而到2025年北方的交易额将达到9.7万亿元. Northbound and Southbound Bond Connect, launched in 2017 and 2021, enabled foreign investment, with Northbound trading at 9.7 trillion yuan in 2025. 交换连接于2023年推出,交易额超过53000亿元,2025年的升级将到期期限扩大至30年并提高了交易限制. Swap Connect, introduced in 2023, saw over 530 billion yuan in transactions, and 2025 upgrades expanded maturity to 30 years and raised trading limits. 外国投资者免税的期限延长至2027年,并通过了2025年的规定允许人民币债券作为抵押品,从而完成了投资周期. Tax exemptions for foreign investors were extended to 2027, and a 2025 rule allowed renminbi bonds as collateral, completing the investment cycle. 监管标准的调整,评级和投资者保护等方面仍存在挑战.官员们正在推动更深入的融合以建立统一高效的国家市场. Challenges remain in aligning regulatory standards on disclosure, ratings, and investor protections, with officials pushing for deeper integration to build a unified, efficient national market.