Abstract: The development of the government bond market in China has been closely related with the reform and development of China’s economy since the beginning and has become an important link in the economic reform and development. When the 2008 financial crisis was sweeping across the globe, the bond markets in some developed countries became a “hedging” paradise. This offers a very important reference to the proposed development strategy of the government bond market in China. The development strategy of China’s government bond market includes the issuance of special treasury bonds to implement the third debt reorganization of the national economy, giving the government bond market a further role in the process of interest rate liberalization, continuing to develop the bond market to form a unified market system, and learning from the development experience of the Eurodollar market to develop the national debt offshore market based on RMB internationalization.

Key words: bond market; financial crisis; interest rate liberalization; RMB internationalization