Wang Fang, CEO of First Venture: Science and Technology Innovation Bonds and Internationalization are Long-term New Trends in the Bond Market.

On January 16, the "2026 Bond Market Annual Forum" hosted by the First Entrepreneurship Joint National Financial and Development Laboratory and organized by the Shenzhen First Entrepreneurship Bond Research Institute was held in Beijing. Wang Fang, the President of First Entrepreneurship Securities, looked forward to 2026 in his speech, stating that the Central Economic Work Conference held in December 2025 proposed to continue implementing a more active fiscal policy and moderately loose monetary policy. It emphasized that fiscal policy should promote more financial resources to be invested in people, and monetary policy should consider promoting a reasonable increase in prices as an important factor. Expanding domestic demand will be a top priority and strategic choice for economic work in 2026. This macro policy combination has laid a foundation for the bond market with overall abundant liquidity, as well as an environment of active fiscal policy that may increase supply and volatility. At the same time, against the backdrop of developing new productive forces according to local conditions and China's high-end comprehensive, rapid globalization in the industrial chain, the development of innovation bonds and the internationalization of the bond market will also be new long-term trends.