一、现行发行方式存在的弊端 1.利率的非市场化因素增加。由于凭证式国债通过银行发行时,利率一般由国家制定,国债发行利率的市场确定机制被人为破坏。国债发行利率的市场化是一个逐步发展的过程。至少,在我国目前银行利率还没有完全市场化之前,达到国债发行利率的完全市场化是不现实的。但我们要建立一个高效率、低成本的国债发行市场,必须坚持 First, the shortcomings of the existing distribution 1. Interest rates of non-market factors increase. As the issuance of voucher-type bonds through banks, interest rates are generally set by the state, and the market-determining mechanism for issuing interest rates on government bonds is vandalized. The marketization of the issue rate of government bonds is a step-by-step process. At least, until China’s current bank interest rate has not been fully marketized, it will be unrealistic to achieve the full marketization of the issue interest rate of government bonds. However, we must establish an efficient and low-cost government bond issue market. We must uphold it