As an important part of the financial market, the bond market plays an important role in meeting the investment and financing needs of the real economy. As a flexible, effective and safe market mechanism, bond market can transform savings into investment, provide financing for enterprise development, provide diversified investment products and create convenient conditions for capital flow and pricing. The bond market is an important pillar of economic and financial stability. Banks and other financial institutions meet the requirements of capital supervision through the bond market, and the government meets the growing budget through the bond market. Diversified fixed-income products (mostly in the interbank market) can provide a good "reservoir" for the stable appreciation of social wealth. Developing debt financing tools for non-financial enterprises is helpful to stimulate private investment and reduce the dependence of economic development on government debt. The bond market needs rich levels and broad space. The richer the bond market, the broader the space, and the greater the benefits to the economy. According to the different geographical scope, the bond market can be divided into domestic bond market and international bond markets. The domestic market is suitable for small-scale and growth companies and domestic investors, as well as corporate bond issuers who bear foreign exchange risks. Start-ups and small enterprises can first make use of the domestic bond market to become industry leaders, and then complete the internationalization of the investment and financing system through international bond markets, so as to achieve further development. Compared with the limited fund pool in the domestic market, the international market can better meet the needs of large companies and multinational enterprises with large project financing needs. According to different issuers, the bond market can be divided into corporate bond market and government bond market. Through the bond market, the government can cope with the policy challenges brought by the aging trend, promote economic development and repair the structural imbalance that led to the 2008 financial crisis. The existence and development of corporate bond market has formed competition with government bond market, which is helpful to limit the level of government debt. According to different investors, the bond market can be divided into wholesale market and retail market. In Europe, due to the high professional level of the participants, the wholesale market has generally operated well and accumulated some management experience. The focus of future development is to prevent being restricted by too many unnecessary regulatory policies. However, the retail market, as the most potential region of the European bond market in the future, is not developing satisfactorily at present. Although the current regulatory measures are necessary, more vigorous measures are needed to fully meet the growing investment needs of small and medium-sized investors. Effective Self-discipline Management Mode In international bond markets, self-discipline management has been proved to be an effective development management mode. For example, the code of conduct for primary and secondary markets formulated by the International Capital Market Association (ICMA) has played a guiding role in promoting the development of international bond markets. Take bond issuance as an example. At present, bond issuance is usually led by a syndicated underwriting syndicate composed of banks, which summarizes the quotations of all customers into a quotation book. After the quotation is completed, the person in charge of the project will negotiate with the issuer about the specific issuance details, so as to best achieve the issuer's objectives and ensure the orderly issuance of bonds and the stability of transactions after the issuance. This mechanism is more transparent and fair than the retention system more than a decade ago. The transformation of this distribution mechanism is not forced by the government, but realized by the conscious cooperation of market members in accordance with the ICMA primary market operation guidelines. No matter who makes the rules, they may have both positive and negative effects. If the regulatory authorities make wrong expectations of the market, it may cause unexpected adverse consequences to the rules. For example, at present, European markets are generally worried about some new measures implemented by the European Union. They think that the implementation of Basel III, the levy of financial transaction tax, the supervision of short selling and the revision of MiFID will damage the liquidity of the secondary market and then destroy the primary market. In the early stage of policy formulation, it is very important for all stakeholders, including legislators, regulators, market intermediaries and investors, to strengthen dialogue and make joint efforts. This will help the regulatory authorities to understand the impact of the market and policies on the market, and also let the market know the policy intentions of the regulatory agencies and make suggestions on how to best realize these intentions. The new policies brought about by the global regulatory reform will have a far-reaching impact on the bond market. The bond market should become more perfect through a new round of reform, and better realize the core functions of financing the real economy and bringing stable income to institutional and individual investors. The government should not exert more control over the bond market, but should focus on promoting the interaction between investors and issuers. With the development of the situation, the original effective policies may also hinder the development of the market. At present, due to the high issuance cost, the bond market is mostly participated by large enterprises. However, with the expansion of the market, the issuer group has also expanded rapidly. In the long run, it is necessary to continuously reduce the issuance cost and attract more issuers to carry out bond financing. Therefore, relevant regulatory policies should support issuers to issue bonds at a reasonable cost level, thus promoting the development of the bond market. While paying attention to the specific effects of the new regulations, it is also necessary to thoroughly examine the overall market structure and regulatory framework. Taking China as an example, under the background of macro-control after the financial crisis, the debt financing instruments of non-financial enterprises in the inter-bank bond market have developed rapidly, which has made due contributions to the stability and development of China's economy and formed a realistic situation in which the inter-bank market currently occupies a dominant position in corporate debt financing. This fully reflects the importance of the bond market to economic development. The future policy should allow issuers and investors to participate in the international market and bring greater development opportunities for market members. The healthy development of the bond market is conducive to the overall economic situation, and the policy of restraining the development of the bond market will eventually bring negative effects to society. The development and supervision of the bond market should continue to develop in the direction of marketization and solve the problems encountered in the development. (The writer is CEO of International Capital Markets Association)