First of all, from the spot of national debt, China's bond market is divided into two parts: the interbank market and the exchange market. Among them, the inter-bank market is the "wholesale" market for bonds, and it is entrusted to the Central Government Securities Depository and Clearing Co., Ltd. (hereinafter referred to as "China Bond Board"). Its main varieties include government bonds, policy bank bonds, short-term financing bonds, medium-term notes, corporate bonds and so on. , which is operated by over-the-counter transaction, and the transaction is completed by mutual inquiry between institutions. Usually, the amount of a single transaction is large, and all market participants are institutional investors, accounting for the total amount of bond transactions in China.

The exchange market is the "retail" market for bonds, which are traded in Shanghai Stock Exchange and Shenzhen Stock Exchange, and deposited in China Securities Registration and Settlement Center. Its main varieties include government bonds, corporate bonds and corporate bonds. Centralized trading, investors trade on the same trading platform. Usually, the amount of a single transaction is small and there are few active varieties, and the transaction volume only accounts for about 1% of the total bond transactions in China.

In addition to traditional bond trading, China has also launched bond ETFs, such as the 5-year treasury bond ETF launched by cathay pacific fund, which tracks the 5-year government bond index of SSE by sampling and copying 4-7-year treasury bonds. The emergence of exchange-traded funds can enhance the liquidity of national debt, promote the interconnection between banks and exchanges, and provide new channels for individual investors to invest in national debt.

China's four treasury bond futures contracts of 2-year, 5-year, 10-year and 30-year are listed and traded on China Financial Futures Exchange (CICC), which adopts the same matching trading method as stock index futures and belongs to floor trading. The term of the contract shall be three quarters, six quarters, nine quarters and 12 quarters, and the last three quarters shall be listed and traded at the same time. Most investors can participate in the trading of treasury bonds futures by becoming customers of futures companies, and futures companies will conduct liquidation and delivery on their behalf. Larger banks can apply to become members of CICC, participate in treasury bond futures trading as special "self-operated members", and conduct liquidation and delivery of treasury bond futures on their own.