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在海外一些发达市场,企业债、MBS(房贷支持证券)往往占据了固定收益市场的大部分份额。以美国2003年的数据为例,其国债比例仅为16%,而企业债的比例为20%,MBS的比例为22%。而中国的固定收益市场,则无论市场规模、交易品种的数目,还是交易的活跃程度都远远落后。尤其是在交易品种上,目前国债占据了国内固定收益市场的绝大部分存量份额,金融债、企业债等
In some developed overseas markets, corporate debt and MBS (mortgage-backed securities) often account for the lion’s share of the fixed-income market. Take the data of the United States in 2003 as an example, the proportion of its national debt is only 16%, while that of corporate bonds is 20% and that of MBS is 22%. However, the fixed-income market in China lags far behind both the size of the market, the number of products traded, and the degree of trading activity. Especially in the trading of varieties, the current national debt accounts for the vast majority of domestic fixed income market share of stock, financial bonds, corporate bonds, etc.