Since August, the regulatory authorities have deployed twice to accelerate the development of the counter bond market. This reporter learned from many counter bond issuing institutions that local bond sales are hot, and most of them are sold out in one day; Treasury bonds are also welcomed by investors. A few price sensitive investors lack interest in counter bonds and prefer products such as bank financial management and fund fixed investment. An insider interviewed by the Securities Daily said that at present, China's counter bond market generally maintains steady development. Under the background of accelerated issuance of local bonds, the counter bond market is also expected to expand. However, experts also said that at present, the counter bond market is still faced with such problems as limited investment bond varieties, relatively low yield, insufficient understanding of small and medium-sized investors and insufficient information disclosure, which need to be further improved with the support of regulatory authorities. The central bank has twice stated its position to promote the development of the counter bond market. On August 1, the central bank held a working meeting in the second half of 2022 and proposed to "accelerate the development of the counter bond market"; On August 10, the implementation report of China's monetary policy for the second quarter of 2022 released by the central bank proposed to improve the efficient and interconnected multi-level bond market system, accelerate the development of the counter bond market of commercial banks, improve the liquidity of the bond market, and form a more continuous and effective secondary market price. "The regulatory acceleration of the development of the counter bond market is intended to further meet the diversified investment and financing needs of the market." Wang Yuanhui, assistant director of zhongchengxin International Research Institute, told the Securities Daily that at present, the deposit interest rate and the yield of financial products continue to decline, and the financial products break the freshness of exchange. The purchase of counter bonds with interest rate bonds as the main varieties can ensure stable returns after maturity, and can obtain premium opportunities through midway trading, providing qualified small and medium-sized investors with controllable risks, which is conducive to increasing property income. According to the latest data disclosed by the central government securities depository and Clearing Co., Ltd., as of the end of July, the bonds held by investors in the inter-bank market were 89.5 trillion yuan, mainly including institutional investors such as commercial banks, credit cooperatives, insurance institutions and securities companies, as well as assets under the control of illegal persons. However, the holding scale of the counter bond market, which is dominated by individual investors, was only 0.73 trillion yuan, accounting for less than 1%. Mingming, chief economist of CITIC Securities, said in an interview with the Securities Daily that the development of counter bonds can increase the proportion of individual investors and improve the current structure of investors in the bond market, which is dominated by institutions. After individual investors join, it can also increase the liquidity of the bond market; For the whole financial market, the efficiency of capital allocation is improved, the business mode is more diversified, and the choice range of investors is wider; For the real economy, broadening the source of funds and absorbing idle funds held by small and medium-sized investors can better obtain financing support from the financial market. Commercial banks have made sufficient preparations for underwriting and local bonds have been highly subscribed. Since the beginning of this year, the issuance of local government bonds has increased. According to the data statistics of Oriental Fortune choice, as of August 18, the scale of local government bonds issued nationwide reached 5876.4 billion yuan, an increase of 32.2% year on year. Local government bonds are widely welcomed by investors. According to the Qingdao Municipal Bureau of finance, 8