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债券市场正在成为我国资本市场重要的组成部分。近几年,我国债券市场发展速度很快,质量不断提高。首先,债券市场规模扩大非常迅速。债券发行额1998年为2645亿元,到2005年已经达到4．4万亿元,年均增长40％左右；债券余额已经从1993年的2343亿增加到2005年末的7．2万亿,年均增长33％。其次,交易量增长也非常快。1998年债券回购额是1．4万亿元,2005年增加到18．2万亿元,
The bond market is becoming an important part of China’s capital market. In recent years, the development of China’s bond market is fast and the quality is constantly improving. First, the size of the bond market has expanded very rapidly. The bond issuance volume was 264.5 billion yuan in 1998, reaching 4.4 trillion yuan in 2005, an average annual increase of 40%. The balance of bonds has increased from 243.3 billion yuan in 1993 to 7.2 trillion yuan in the end of 2005 Both increased by 33%. Second, the volume of transactions is also growing very fast. The repurchase of bonds in 1998 was 1.4 trillion yuan, up 18.2 trillion yuan in 2005,