中央结算公司：携手奋进铸大国金融之基（附英文版）

来源：互联网时间：2025-11-07 21:04:29 浏览量：0

来源：金融街微平台

上世纪90年代，为更好适应我国社会主义市场经济转型，推动债券市场平稳健康发展，中国人民银行、财政部等主管部门报经国务院同意，正式成立了中央国债登记结算有限责任公司（以下简称“中央结算公司”）。作为党领导下中国金融市场锐意改革、破旧立新的产物，中央结算公司自成立之初便扎根金融街，见证了金融街近三十年的光辉发展历程，并在金融街建设运营单位的支持下，始终牢记建设与中国大国强国地位相称的世界一流金融基础设施的初心，忠实践行防范金融风险、深化金融改革开放、助力金融高质量发展、服务实体经济的光荣使命，不负党和国家重托，默默耕耘，夙夜图强，建成先进的登记托管结算制度，完善一体化的服务体系，建设现代化的国家重要金融基础设施，为大国金融发展贡献智慧和力量。

扎根金融街　开启我国金融基础设施服务新时代

建成先进的登记托管结算制度，奠定债市健康发展基石。1981年我国正式恢复国债发行，此后债券市场迅速发展。但当时未建立起规模化、规范化的债券登记托管体制，分散失序的登记托管导致市场乱象丛生、几经风险，严重损害国家信用和投资者权益。1995年，中央结算公司的前身中国证券交易系统有限公司在管理部门的指导和市场各方支持下，借助世界银行技术援助项目，提出构建全国集中统一的债券登记托管体系，并在政策性金融债领域率先实践了统一登记托管制度。1996年，中央结算公司在中国证券交易系统有限公司的基础上改组成立，选址金融街，行使债券中央登记托管结算职能，这是唯一一家经国务院批准并出资设立的、专门承担金融市场基础设施职能的中央金融企业。自此，我国正式建立了符合国情、领先国际、透明高效的债券中央登记托管结算体制，奠定了债市安全高效发展的基础，支持银行间债券市场迅速崛起成为我国债券主体市场。

研发建成中央债券综合业务系统，加速我国金融基础设施现代化进程。中央结算公司以推动我国金融市场现代化为己任，依托信息技术和自主研发，于1999年正式建成并投入使用中央债券综合业务系统，打造集债券簿记系统、债券发行系统和公开市场业务交易系统为一体的现代化金融基础设施，标志着我国银行间债券市场具备了集中登记、托管、结算的全国性债券结算系统，开启我国金融基础设施现代化服务的新时代。

深化紧密协作　提升服务质效　支持债券市场快速发展

进入二十一世纪，伴随着我国金融市场的迅速发展，金融街发展成为汇聚金融资本、引领金融蓬勃发展的国家级金融中心，中央结算公司立足债券中央登记托管结算职责，不断夯实业务基础，提升服务质效和影响力，与金融街建设运营单位等市场同仁一道，积极推动我国金融市场改革发展。

建立国内首个券款对付结算机制，提升债券结算效率和安全性。2004年，在人民银行的支持下，中央债券综合业务系统与人民银行大额支付系统实现连接，中央结算公司建立了国内首个券款对付（DVP）结算机制，此后在主管部门的支持下银行间债券市场全面实行DVP结算，标志着我国债券结算模式达到国际先进水平。2005年，中央债券综合系统与全国银行间同业拆借中心债券交易报价系统联网运行，实现债券交易结算直通式处理（STP），进一步提高了金融基础设施的服务能力和信息化水平。

持续完善人民币债券指数体系，建设金融市场基准定价平台。中央结算公司以1999年编制发布的全球第一条国债收益率曲线为基准，陆续自主构建起一整套反映人民币债券市场价格及风险状况的中债价格指标体系，并在全球首创由中央托管机构提供第三方估值的范例，助推中国债券市场风险防范和人民币国际化有效实施。2015年，国际货币基金组织(IMF)将中债3个月期国债收益率纳入特别提款权（SDR）利率篮子。

探索基础设施跨境交流合作，率先支持债市开放探索。立足金融街这片中国金融对外开放的前沿，中央结算公司在管理部门的指导下，较早参与了我国债市对外开放探索。早在2004年便与香港金管局CMU签署合作协议，迈出我国债市对外开放的第一步。此后的三年间，又先后与国际知名金融基础设施签署合作备忘录，在培训、融券、跨境结算等领域开展务实合作，推动债市进一步开放。2005年，泛亚债券指数基金获准进入银行间债券市场，这是境外机构进入我国债券市场的起点，中央结算公司公司为其提供直接开户等相关服务，我国债券市场对外开放实现了“从0到1”突破。

携手金融街服务局　支持债券市场平稳健康发展

党的十八大以来，我国债券市场步入崭新发展阶段，中央结算公司在金融街这片充满投资活力的热土上，聚焦主业、开拓进取，不断为市场发展贡献中债力量。

强化监管支持职能，支持国家宏观政策精准实施。中央结算公司持续完善国债服务能力和系统支持能力，支持国债期限管理、滚动发行，支持续发行、预发行和国债做市机制，推动实现地方政府债券招标发行。深化货币政策支持服务，为人民银行创新型货币政策工具提供专业操作支持。助力国家产业政策实施，2014年，中央结算公司受国家发展改革委委托，为企业债券提供发行支持、总登记托管、结算、代理本息兑付及信息披露等相关服务工作，承担企业债券信用体系建设职能，配合国家区域发展战略实施，有力发挥企业债券在稳增长、调结构等方面的积极作用。

拓展金融资产服务场景，积极配合金融改革实践。在管理部门的指导和推动下，中央结算公司积极落实监管改革指引，2014年在金融街设立银行业信贷资产登记流转中心，助力管理部门落实国务院“盘活货币信贷存量，支持实体经济转型升级”要求。2015年上线全国银行业理财信息登记系统、理财直接融资工具综合平台和中国理财网，助推银行理财业务平稳发展。

创新深化研发功能，打造多层次智库体系。中央结算公司秉承“研发立司”理念，积极引领市场创新，为监管提供智力支持，为区域规划咨政建言。持续对接国际组织、管理部门、学研及市场机构，承接并高效完成多项世界银行、亚洲开发银行技术援助项目，配合管理部门开展多项重要课题。2012年创立国内唯一权威债券专业期刊《债券》，组织专业研讨活动，2015年设立博士后科研工作站。2017年在原研发部基础上正式设立中债研发中心，目前已建成自主研究、与知名高校共建科研平台、博士后科研工作站三位一体、内外联动的工作机制，建成集期刊、微信平台、视听平台、品牌活动、系列丛书等全方位立体化的智库成果宣发交流平台，输出一大批兼具理论创新和应用价值的研究成果，打造集“研究、宣传、服务”于一体的中债智库。近年来，中债研发中心与金融街服务局开展全方位务实合作，承接促进资管行业发展、金融业扩大开放试点等重点研究项目，就《北京金融街优化提升规划（2019-2035年）》研提意见，为《金融街发展报告》提供编写素材，连续多年配合参与金融街论坛筹备工作，协助扩大论坛影响力。

护航大国债市创新发展　协作共建国际金融中心

党的十八大以来，我国金融业迈入高质量发展新阶段，在金融街国家金融管理中心，中央结算公司深化与金融街服务局的合作，坚持优化提升服务质效，深化中债方案实践，贯彻落实国家金融安全、金融开放、降费让利等战略，在高质量发展中展现新作为。

拓展金融基础设施服务维度，配合国家重大战略实施。中央结算公司持续发挥关键闸口作用，配合打赢防风险攻坚战。贯彻落实中央深改委要求，建立国债市场价格波动监测机制，推进债市风险监测指标体系建设，推出担保品违约处置服务，健全金融市场风险管控体系。持续丰富中债风险管理指标体系，建立市场风险度量基准，每日发布中债市场隐含评级。在国家发展改革委授权下建设推广国有企业风险监测系统。助力实现“双碳目标”和绿色发展，中央结算公司定期发布绿债市场运行报告，发布中债绿色系列指数、中债绿色环境效益信息披露指标体系，上线绿债数据库和“中债-绿色债券环境效益信息门户”。坚定贯彻中央降费让利指示，第一时间响应党中央、国务院“三去一降一补”号召，2017年便开展降费相关研究，2020年初打响金融基础设施降费第一枪，累计降费力度和金额居行业首位，并对抗疫、防汛等省份实行定向降费，免除扶贫专项券种发行登记服务费，助力决战决胜脱贫攻坚。积极践行互联互通，与大额支付系统、外汇交易中心、沪深交易所、商业银行柜台、中证登、上清所、期货交易所、CIPS、香港CMU、SWIFT互联，全面彰显国家重要金融基础设施担当。

拥抱金融科技，锐意进取强化科技赋能。中央结算公司充分运用金融科技引领服务创新和高质量发展，坚持高起点规划、高标准建设、高水平运营，稳扎稳打推进中债新一代综合业务平台和京沪新数据中心建设，2020年10月实现新一代系统成功上线，打造完成功能更加完善、架构更加合理、技术更加先进的现代化金融基础设施，推动重塑技术路线、实现核心掌控。建成投产京沪数据中心，基本奠定了两个“两地三中心”架构和统一运维体系，极大地强化业务连续性保障能力和信息安全防护能力。

推动落实中债方案，支持深化金融对外开放。中央结算公司持续发挥债市开放主门户作用，创新推出“中央确权、穿透监管、多级服务、合作共赢”的中债方案，全面服务债券市场开放“全球通”直投模式、香港债券通模式、澳门MOX模式，并积极打造金融基础设施跨境互联高级版本，支持境外投资者持有人民币债券规模屡创新高。中央结算公司响应国家战略，全面支持澳门债券市场和中央托管机构建设。并积极推动人民币债券纳入国际合格担保品池，扩大人民币债券担保品跨境使用。

回首来路，中央结算公司从金融街扬帆起航，在管理部门的指导下，在金融街服务局的大力支持下，聚焦国家金融基础设施建设事业，用近三十年的实践打造全方位跨市场多产品的中债综合平台，磨练了敬畏事业、敢于斗争、专业专注、协同信任的中债精神。展望未来，中央结算公司将把握新发展阶段、贯彻新发展理念、服务构建新发展格局，与金融街服务局紧密协作，在建设国际一流金融基础设施的道路上行稳致远，为我国金融改革开放和高质量发展持续贡献中债智慧和力量！

内容来源：中央国债登记结算有限责任公司

CCDC: Working Together to Fortify the Financial Cornerstone of China

In the 1990s, to facilitate China’s transition to a socialist market economy and promote steady development of the bond market, China Central Depository & Clearing Co., Ltd. (CCDC) was founded by the People’s Bank of China (PBOC), the Ministry of Finance (MOF) and other authorities with the approval of the State Council. Rooted in the Financial Street from its very beginning, CCDC, born out of China’s financial market reform in a new era, witnessed the glorious course of the Financial Street over the past three decades. With support from the Financial Street builder and operator, CCDC has always kept in mind the vision of creating a world-class financial market infrastructure (FMI) commensurate with China’s status as a great power and faithfully implemented the missions of forestalling financial risks, deepening the financial reform and opening-up, advancing high-quality financial development and serving the real economy. Living up to its missions, CCDC has created an advanced registration, depository and settlement system, improved the integrated service system, built a fully functioning nationwide FMI and contributed to the financial development of China.

Rooted in the Financial Street and ushering in a new era of China’s FMI services

An advanced registration, depository and settlement system was created as the cornerstone for sound development of the bond market.China officially resumed the issuance of government bonds in 1981, which sparked a proliferation of the bond market. However, in the absence of a large-scale, well-regulated depository system, decentralized registration and depository activities led to chaos and risks in the market, which hurt the state credibility and investors. In 1995, the National Electronic Trading System (NET), the predecessor of CCDC, proposed a centralized bond depository system based on the World Bank’s technical assistance project, with guidance from authorities and support from market players. NET also managed to put central depository into practice for policy financial bonds. In 1996, NET was reorganized to set up CCDC on the Financial Street to perform the function of central bond registration, depository and settlement. It is the only central financial enterprise approved and funded by the State Council to function as a specialized FMI. Hence, China established a transparent, efficient and globally leading system of centralized bond registration, depository and settlement that caters to China’s domestic conditions. The system has laid a foundation for secure and efficient development of the bond market, fueling rapid growth of the interbank bond market into the main bond market of China.

The CCDC ChinaBond Integrated Operation Platform (CIOP) was developed to accelerate the modernization of China’s FMI services. Tasked with advancing China’s financial market modernization, CCDC launched its proprietary CIOP in 1999 to build a modern FMI integrating the bond bookkeeping system, the bond issuance system and the open market trading system. It came to serve as a nationwide bond settlement system enabling central registration, depository and settlement in the interbank bond market, marking China’s entry into a new era of modern FMI services.

Supporting bond market growth through closer collaboration and higher quality and efficiency of services

In the 21st century, the Financial Street has become a national financial center that pools financial capital and leads robust financial development as China’s financial market grows rapidly. By delivering to its duty of central registration, depository and settlement, CCDC has been fortifying its business foundation with higher service quality, efficiency and influence, and advancing China’s financial market reform in joint efforts with other market participants, including the builder and operator of the Financial Street.

The first delivery versus payment (DvP) mechanism in China was created to enhance efficiency and security of bond settlement. With support from the PBOC, the CIOP got connected to the PBOC’s high-value payment system (HVPS) in 2004, enabling CCDC to create China’s first DvP settlement mechanism. Since then, DvP settlement has been applied across the interbank bond market with support from competent authorities, giving China a global edge in the bond settlement model. In 2005, the CIOP got linked to the bond trading system of the National Interbank Funding Center (NIFC), enabling the straight through processing (STP) of bond transaction settlement and giving a further boost to the service capacity and information technology level of FMI services.

The RMB bond index system was constantly improved to create a benchmark pricing platform for the financial market.Taking the world’s first Chinese government bond yield curve issued in 1999 as the basis, CCDC developed a full spectrum of ChinaBond pricing products reflecting the market price and risk profile of RMB bonds. It set a global example of third-party valuation from a central securities depository (CSD), helping forestall risks in China’s bond market and effectively advancing the RMB internationalization. In 2015, the ChinaBond 3-Month Government Bond was included by the International Monetary Fund (IMF) into the special drawing rights (SDR) interest rate basket.

CCDC took the lead in supporting bond market opening-up explorations through cross-border exchange and cooperation on FMI.Based on the Financial Street, the frontier of China’s financial opening-up, CCDC was among the early explorers for China’s bond market opening-up with guidance from authorities. As early as in 2004, CCDC signed a cooperation agreement with the Central Moneymarkets Unit (CMU) of the Hong Kong Monetary Authority (HKMA), marking the first step toward China’s bond market opening-up. In the three years that followed, CCDC inked memorandums of cooperation with well-known international FMIs for pragmatic cooperation in training, securities lending and cross-border settlement, helping deepen the opening-up. In 2005, the Pan Asian Bond Index Fund was approved to enter China’s interbank bond market, marking the first entry of a foreign institution into the bond market of China and the starting point of China’s bond market opening-up. CCDC provided direct account opening and related services for the fund, facilitating the breakthrough “from zero to one”.

Working with the Beijing Financial Street Service Bureau to support steady and sound development of the bond market

Since the 18th CPC National Congress, China’s bond market has moved into a new stage of development. On the Financial Street full of investment vitality, CCDC has been forging ahead with a focus on its core business to support the market development.

The regulatory support function was enhanced to ensure precise implementation of national macro policies.CCDC has persistently improved its service capacity and system support for government bonds by supporting government bond tenor management, rolling issuance, reopening, when-issued trading and market-making, and promoting auction of local government bonds. The monetary policy support was deepened to provide professional operational support for the PBOC’s innovative monetary policy tools. In facilitating China’s industry policy implementation, in 2014, CCDC, authorized by the National Development and Reform Commission (NDRC), started to provide issuance support, central registration and depository, settlement, principal and interest payment and information disclosure for enterprise bonds. It also assumed the function of building a credit system for enterprise bonds and worked in sync with the implementation of national initiatives on regional development to unleash the positive role of enterprise bonds in stabilizing growth and adjusting structure.

Financial asset service scenarios were expanded in support of financial reform.Guided and driven by management authorities, CCDC established China Credit Assets Registration & Exchange Co., Ltd. in 2014 as part of its efforts to implement the regulatory guidelines for reform, and to help fulfill the State Council’s requirement of “activating the stock of money and credit in idle to support transition and upgrading of the real economy”. The nationwide Wealth Management Products (WMP) information registration system, the WMP direct financing instrument business platform and Chinawealth.com.cn went live in 2015 to promote steady development of the bank wealth management business.

The R&D functions were innovated and deepened to develop a think tank system.Staying true to the philosophy of a “R&D-based firm”, CCDC provides intellectual support for regulators and gives advice on regional planning at the frontier of market innovation. With close ties to international organizations, administrative authorities, academic institutions and market entities, CCDC has carried out a number of technical assistance projects of the World Bank and the Asian Development Bank, and worked with administrative authorities on many significant research projects. CCDC created the ChinaBond journal in 2012, the only reliable and professional journal of its kind in China, organized professional research sessions and set up a postdoctoral research program in 2015. CCDC R&D Center was established in 2017 based on the former R&D department. Now CCDC has in place a three-pronged (namely in-house research, cooperative research platforms with reputed universities and postdoctoral research program) R&D working mechanism that pools internal and external resources. It operates a comprehensive platform for distribution of think tank outputs that covers the ChinaBond journal, WeChat platform, audiovisual platforms, brand events and book series, disseminating a slate of research findings valuable in terms of both theoretical innovation and real-world application. In this way, it has built a ChinaBond think tank featuring a combination of “research, publicity and services”. In recent years, CCDC R&D Center and Beijing Financial Street Service Bureau have worked together pragmatically and comprehensively in a number of key research projects on promoting development of the asset management industry and expanding financial opening-up. CCDC gave advice on the Plan for Optimization and Upgrading of Financial Street (2019-2035), provided inputs for the Financial Street Development Report and took part in preparing for the Financial Street Forum for consecutive years, helping boost the influence of the annual event.

Keeping China’s bond market on course for innovative development, joining the efforts to build an international financial center

Since the 18th CPC National Congress, China’s financial sector has entered a new stage of high-quality development. On the Financial Street, which is home to a national financial management center, CCDC has deepened its cooperation with the Beijing Financial Street Service Bureau, kept enhancing the quality and efficiency of services, deepened the ChinaBond solutions and practices, and implemented the national strategies for financial security, financial opening-up and fee cuts, making new contributions to the high-quality development.

Additional dimensions of FMI services were developed to support the implementation of major national strategies.As a key firewall, CCDC has played its part well in forestalling major financial risks. In implementing requirements of the Commission for Deepening Overall Reform, CCDC created a mechanism for monitoring government bond market price fluctuations, a system of bond market risk monitoring indicators and the collateral default disposal services, so as to improve the financial market risk control system. With the ChinaBond risk management metrics increasingly enriched, the benchmark for market risk measurement have been created and the ChinaBond Market Implied Ratings are provided on a daily basis. The SOE risk monitoring system was built and promoted under the authorization from the NDRC. In pursuit of the “emission peaking and carbon neutrality” goal and green development, CCDC has issued regular reports on green bond development, created the ChinaBond green index series, the ChinaBond green bond environmental impact disclosure indicator system, a green bond database and the ChinaBond green bond environmental impact information portal website. It implemented the initiatives on cutting fees and benefiting the real economy and respond to the call for “cutting overcapacity, reducing excess inventory, deleveraging, lowering costs and strengthening areas of weakness”. To this end, CCDC conducted studies on fee reduction in 2017 and became the first FMI to lower fees in early 2020, taking the first spot by either degree or amount of fee cuts among its peers. It also granted special fee reductions targeting provinces hit by COVID-19 or floods and exempted the registration service fee for bonds earmarked for poverty alleviation. As a responsible and important national FMI, CCDC has established links to many other FMIs, including the HVPS, the China Foreign Exchange Trade System, Shanghai Stock Exchange, Shenzhen Stock Exchange, commercial banks, CSDC, Shanghai Clearing House, futures exchanges, CIPS, Hong Kong CMU and SWIFT.

CCDC embraces FinTech, keen on enhancing technology-empowered development.It has made the most of FinTech to pursue service innovation and high-quality development. Sticking to a high standard of planning, development and operation, solid progress has been made in the construction of the Next-Generation CIOP and the new data centers in Beijing and Shanghai. The Next-Generation CIOP went live in October 2020 as a modern FMI with a broader range of functions, a better-established architecture and a sharper edge in technology, so as to reshape the technology path and ensure self-reliance in core technologies. The data centers in Beijing and Shanghai were put into operation to complete the two sets of “three centers at two locations” and a unified system of operation and maintenance, enhancing business continuity and information security.

The ChinaBond solutions have been implemented to help deepen the financial opening-up.As the key gateway to China’s bond market, CCDC created the ChinaBond solutions featuring “central confirmation of ownership, look-through supervision, multi-level service and win-win cooperation”. It now supports all market access modes, namely CIBM Direct, Hong Kong Bond Connect and Macao MOX mode, works on an upgraded version of cross-border FMI connectivity and facilitates growing foreign holdings of RMB bonds. In response to relevant national strategies, CCDC fully supported Macao in building its bond market and CSD. It also pushed for the inclusion of RMB bonds in the international eligible collateral pool and for cross-border use of RMB bonds as collateral.

Looking back, CCDC, setting sail from the Financial Street, has focused on its core FMI services and built a comprehensive, cross-market and multi-product ChinaBond integrated operation platform over nearly 30 years under the guidance of competent authorities and with strong support from the Beijing Financial Street Service Bureau. In the process, it has nurtured in its employees a spirit of respect for the profession, courage to overcome challenges, professionalism, dedication, cooperation and trust. Going forward, CCDC will grasp the new development stage, practice the new development philosophy and facilitate the new development pattern. It will work closely with the Beijing Financial Street Services Bureau to make steady and sustained progress toward a world-class FMI and make new contributions to China’s financial reform, opening-up and high-quality development.

中央结算公司：携手奋进 铸大国金融之基（附英文版）

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中央结算公司：携手奋进铸大国金融之基（附英文版）