债券市场信用风险逐步加深是中国经济增速持续下行和企业盈利下滑及其现金流恶化的新常态,从信用风险演化的趋势看,违约事件由风险较高的中小企业、民营企业开始向大型企业、国有企业蔓延。这既是前期风险进一步释放的要求,也是债券市场发展和改革的必经阶段。在信用风险上升以及违约常态化的环境下,信用风险缓释 The gradual deepening of credit risk in the bond market is the new normal for China’s sustained economic downturn and declining corporate profits and its deteriorating cash flow. From the trend of credit risk evolution, the default events are started by SMEs and private-owned enterprises with higher risks to large enterprises State-owned enterprises are spreading. This is not only the requirement for the further release of risks in the previous period, but also the necessary stage for the development and reform of the bond market. Under the environment of rising credit risk and normalization of default, the credit risk is released