国家开发银行,自1998年秋天以来,成功地实行了市场化拍卖发债,迄今为止,开发银行已经顺利地在国内银行间市场上拍卖发行了3000多亿元中长期债券。这一举措对推进我国债券市场的发展、改善我国的金融结构、降低整个银行体系的流动性风险有重大意义。随着经济体制改革的深入发展,几年来,我国企业的经营活动已经主要由市场调节,银行也基本实现了商业化转变。然而,由于资本市场发育的相对滞后,我国银行体系的资产负债期限错配问题却日益成为制约经济发展、困扰金融稳定的巨大隐患。一国的金融体系,担负着把国民储蓄转化为投资的 China Development Bank has succeeded in issuing market-oriented bonds since the fall of 1998. So far, China Development Bank has successfully auctioned more than 300 billion yuan of medium-and-long-term bonds in the domestic inter-bank market. This move is of great significance to advancing the development of China’s bond market, improving China’s financial structure and reducing the liquidity risk in the entire banking system. With the in-depth development of the reform of the economic system, the business activities of Chinese enterprises have been mainly regulated by the market over the past few years, and the banks have basically realized the commercial transformation. However, due to the relative lag of capital market development, the problem of the mismatch of asset-liability maturities in China’s banking system has increasingly become a huge hurdle that restricts economic development and disturbs financial stability. A country’s financial system is charged with transforming national savings into investment