本文认为 ,在现代经济体系中 ,国债的功能已经超出财政的范围 ,而更多地扩展到金融领域 ,成为管理层宏观调控、商业银行资产管理和投资者进行投资组合等所不可或缺的金融工具。由于国债的特殊性 ,国债利率最适合充当金融市场的基准利率。国债市场的发展不仅可以把金融体系中更多的资金纳入市场化体系 ,而且可以影响其他金融市场的利率市场化。因此 ,发展国债市场是推进利率市场化改革的有效途径 This paper argues that in the modern economic system, the function of national debt has gone beyond the scope of finance, and more extended to the financial sector. It has become indispensable for the management of macroeconomic regulation and control, asset management of commercial banks and the investment portfolio of investors. tool. Because of the particularity of national debt, the interest rate of national debt is most suitable as the benchmark interest rate of financial market. The development of bond market can not only bring more funds in the financial system into the market system, but also affect the marketization of interest rates in other financial markets. Therefore, the development of the bond market is an effective way to promote the marketization of interest rates