港澳法视界｜澳门法律制度介绍（五）—— 为什么选择在澳门发行离岸人民币债券

澳门债券市场的培育始于2019年财政部首次在澳发行20亿元人民币国债，这一标志性事件直接推动了中央证券托管系统（CSD）等基础设施的建设。2021年，澳门中央证券托管结算一人有限公司（MCSD）的成立，标志着市场进入规范化发展阶段。到了2023年，《金融体系法律制度》的修订将债券发行从审批制改为注册制，彻底释放了市场活力，当年离岸人民币债券发行量同比激增120%，占澳门债券市场总发行量的80%。

The cultivation of Macao's bond market began in 2019 when the Ministry of Finance issued RMB 2 billion treasury bond in Macao for the first time. This landmark event directly promoted the construction of infrastructure such as the Central Securities Depository System (CSD). In 2021, the establishment of Macao Central Securities Depository and Clearing Corporation Limited (MCSD) marked the market entering a stage of standardized development. By 2023, the revision of the "Legal System of the Financial System" will change the approval system for bond issuance to a registration system, completely unleashing market vitality. That year, the issuance of offshore RMB bonds surged by 120% year-on-year, accounting for 80% of the total issuance in the Macau bond market.

澳门离岸人民币债券市场作为中国与葡语国家金融合作的关键枢纽，近年来在政策扶持与基础设施优化的双重推动下，得以迅速发展。自2018年首支“莲花债”发行之后，市场规模持续扩大。截至2024年11月，中华（澳门）金融资产交易股份有限公司（MOX）登记托管的离岸人民币债券规模已突破3000亿元人民币，在澳门债券市场总量中的占比超过40%。该市场以“对接内地、联通世界”为战略定位，借助制度创新与跨境合作，逐步构建起独特的发展模式。

The offshore RMB bond market in Macao, as a key hub for financial cooperation between China and Portuguese speaking countries, has rapidly developed in recent years under the dual promotion of policy support and infrastructure optimization. Since the issuance of the first "Lotus Bond" in 2018, the market size has continued to expand. As of November 2024, the scale of offshore RMB bonds registered and managed by China (Macao) Financial Assets Trading Co., Ltd. (MOX) has exceeded RMB 300 billion, accounting for over 40% of the total bond market in Macao. The market is strategically positioned as "connecting with the mainland and the world", gradually building a unique development model through institutional innovation and cross-border cooperation.

在澳门发行离岸人民币债券的核心优势亦体现在多个维度，且各优势之间形成了相互支撑的协同效应。于2023年实施的《金融体系法律制度》第16条规定债券发行采用注册制，无需行政长官审批，仅需向MCSD提交募集说明书、合规证明等文件，审核周期缩短至2-4 周，相比香港同类审批流程（约6-8周）效率显著提升；税收优惠政策更是极具吸引力，根据《2023年财政年度预算案》，债券利息及交易收益豁免所得补充税（税率12%）和印花税（0.1%），较香港（利得税16.5%）形成明显成本优势，而横琴粤澳深度合作区企业还能额外享受发债费用2%的补贴。金融基础设施的完善为市场高效运行提供了保障，MCSD作为核心基础设施支持多级账户模式，兼容内地穿透式监管要求，2024年工银澳门发行2.5亿美元债券时，通过CSD与香港中央结算系统（CMU）互联互通实现跨境结算“T+1”到账；MOX作为交易平台提供债券发行、上市、交易全链条服务，2024年日均交易量达12亿元，较2021年增长300%，且与卢森堡证券交易所达成双挂牌合作，发行人可同步登陆欧洲市场。

The core advantages of issuing offshore RMB bonds in Macao are also reflected in multiple dimensions, and a mutually supportive synergistic effect is formed among these advantages. Article 16 of the Financial System Legal System, which will be implemented in 2023, stipulates that bond issuance will adopt a registration system, without the need for approval from the Chief Executive. Only the prospectus, compliance certificate and other documents need to be submitted to MCSD, and the review cycle will be shortened to 2-4 weeks, which significantly improves the efficiency compared to similar approval processes in Hong Kong (about 6-8 weeks); Tax incentives are particularly attractive. According to the 2023 fiscal year budget, bond interest and transaction income are exempt from supplementary income tax (tax rate of 12%) and stamp duty (0.1%), forming a significant cost advantage compared to Hong Kong (profits tax of 16.5%). Enterprises in the Hengqin Guangdong Macao Deep Cooperation Zone can also enjoy an additional 2% subsidy on bond issuance fees. The improvement of financial infrastructure provides guarantees for the efficient operation of the market. MCSD, as the core infrastructure, supports a multi-level account model and is compatible with mainland penetrating regulatory requirements. When ICBC Macao issues a $250 million bond in 2024, cross-border settlement "T+1" will be achieved through the interconnection between CSD and the Hong Kong Central Depository and Clearing System (CMU); MOX, as a trading platform, provides full chain services for bond issuance, listing, and trading. The daily trading volume will reach 1.2 billion yuan in 2024, an increase of 300% compared to 2021. It has also reached a dual listing cooperation with the Luxembourg Stock Exchange, and issuers can simultaneously log in to the European market.

投资者结构的多元化进一步增强了市场吸引力，截至2024年，中国人民银行、澳门金管局等货币当局持有澳门离岸人民币债券规模超500亿元，占市场总量的16%；2025 年财政部60亿元国债发行吸引365亿元认购，其中东南亚投资者占比35%，葡语国家机构投资者占比12%，工银澳门2025年发行的美元债券中香港投资者认购占比达40%。政策协同效应则为跨境融资提供了便利，企业依据《企业中长期外债审核登记管理办法》办理登记后，可通过全口径跨境融资宏观审慎管理政策灵活调配资金，如2024年新疆某国企发行3.8亿元莲花债，从申请到资金到账仅用45天；绿色金融领域更有专项支持，珠海农商银行2023年发行的5亿元绿色金融债获得澳门金管局专项流动性支持工具（LST）的优先质押资格。

The diversification of the investor structure has further enhanced the market attraction. By 2024, the People's Bank of China, the Macao Monetary Authority and other monetary authorities hold more than 50 billion yuan of offshore RMB bonds in Macao, accounting for 16% of the total market; In 2025, the issuance of 6 billion yuan of treasury bond by the Ministry of Finance attracted 36. 5 billion yuan of subscription, of which 35% were Southeast Asian investors, 12% were Portuguese speaking countries' institutional investors, and 40% were Hong Kong investors in the US dollar bonds issued by ICBC Macao in 2025. The policy synergy effect provides convenience for cross-border financing. After registering in accordance with the "Management Measures for the Review and Registration of Medium - and Long term External Debt of Enterprises", enterprises can flexibly allocate funds through the macro prudential management policy of full caliber cross-border financing. For example, in 2024, a state-owned enterprise in Xinjiang issued 380 million yuan of lotus flower bonds, and it only took 45 days from application to fund receipt; There is more special support in the field of green finance. The 500 million yuan green finance bond issued by Zhuhai Rural Commercial Bank in 2023 has obtained the priority pledge qualification of the Macao Monetary Authority's Special Liquidity Support Tool (LST).

发行离岸人民币债券的流程涵盖多个环节，各环节紧密衔接且需严格遵循市场规范。

The process of issuing offshore RMB bonds involves multiple stages, which are closely interconnected and must strictly comply with market norms.

前期准备阶段需组建承销团（包括牵头行、联席行）、选聘律师与会计师，并完成财务审计，这一过程通常耗时4-6周，需要发行人与投行、中介机构密切协作。

In the early preparation stage, it is necessary to form an underwriting team (including lead banks and joint banks), hire lawyers and accountants, and complete financial audits. This process usually takes 4-6 weeks and requires close cooperation between the issuer, investment banks, and intermediaries.

注册申请阶段需向 MCSD 提交募集说明书、合规证明、评级报告等文件，审核周期为2-3周，由 MCSD 与澳门金管局共同参与。

The registration application stage requires submission of prospectus, compliance certificate, rating report and other documents to MCSD, with a review cycle of 2-3 weeks, jointly participated by MCSD and the Macao Monetary Authority.

市场路演环节重点覆盖港澳、东南亚、葡语国家等区域，通过推介活动吸引投资者关注，时间约1-2周。

The market roadshow will focus on regions such as Hong Kong, Macao, Southeast Asia, and Portuguese speaking countries, attracting investors' attention through promotional activities, which will take about 1-2 weeks.

定价发行阶段通过簿记建档确定票面利率，签署承销协议，整个过程约1周。

During the pricing and issuance phase, the coupon rate is determined through bookkeeping and filing, and an underwriting agreement is signed. The entire process takes about one week.

最后是上市交易阶段，向MOX提交上市申请并完成CSD登记，耗时1周即可完成。

The final stage is the listing and trading phase, which involves submitting a listing application to MOX and completing CSD registration, taking only one week to complete.

在关键操作中，合规性审核尤为重要，需符合澳门《公司债券发行及交易转让管理指引》中关于信息披露的要求，包括季度财务报告、重大事项即时披露等，若涉及绿色债券还需通过第三方认证机构（如 CICERO）的评估。跨境资金管理需遵循相关政策，募集资金可通过直接投资用于境内项目建设（需符合发改委备案要求）、占用企业跨境融资宏观审慎额度或通过横琴粤澳深度合作区FT账户实现资金自由划转。风险对冲方面，发行人可通过离岸人民币远期合约锁定未来购汇成本，或通过货币掉期将人民币负债转换为美元负债，如工银澳门2025年发行的美元债即采用此结构。

In key operations, compliance review is particularly important and must comply with the information disclosure requirements in Macau's "Guidelines for the Administration of Corporate Bond Issuance and Transaction Transfer", including quarterly financial reports, timely disclosure of major issues, etc. If green bonds are involved, they must also be evaluated by third-party certification agencies (such as CICERO). Cross border fund management must comply with relevant policies, and raised funds can be directly invested for domestic project construction (subject to the requirements of the National Development and Reform Commission), occupy the macro prudential limit of enterprise cross-border financing, or freely transfer funds through the Hengqin Guangdong Macao Deep Cooperation Zone FT account. In terms of risk hedging, issuers can lock in future foreign exchange costs through offshore RMB forward contracts, or convert RMB liabilities into USD liabilities through currency swaps, such as the USD bonds issued by ICBC Macao in 2025, which adopt this structure.

澳门离岸人民币债券发行的法律框架与监管要求体系完善，旨在保障市场规范运行与投资者权益。

The legal framework and regulatory requirements for offshore RMB bond issuance in Macao are well-established, aiming to ensure the standardized operation of the market and the rights and interests of investors.

核心法律依据包括2023年修订的《金融体系法律制度》，该制度明确债券发行采用注册制，取消对发行人的硬性财务指标要求，转而强化信息披露义务。《公司债券发行及交易转让管理指引》则详细规定发行人需在募集说明书中披露债券基本条款（期限、利率、赎回权等）、发行人财务状况（近三年审计报告）、风险因素（市场风险、信用风险、流动性风险）及偿债计划及保障措施（如增信安排、偿债基金）。

The core legal basis includes the revised "Financial System Legal System" in 2023, which clarifies that bond issuance adopts a registration system, eliminates the mandatory financial indicator requirements for issuers, and strengthens information disclosure obligations. The Guidelines for the Administration of Issuance, Trading and Transfer of Corporate Bonds stipulate in detail that issuers are required to disclose the basic terms of the bonds (term, interest rate, redemption rights, etc.), the financial condition of the issuer (audit reports for the past three years), risk factors (market risk, credit risk, liquidity risk), and debt repayment plans and safeguard measures (such as credit enhancement arrangements and debt repayment funds) in the prospectus.

外汇管理方面，根据《企业中长期外债审核登记管理办法》，发行一年期以上债券需在国家外汇管理局办理登记，资金回流需符合跨境人民币结算政策。监管协作机制体现了多方协同，澳门金管局（AMCM）负责债券发行的注册审核及市场行为监管，重点核查信息披露的真实性和完整性；内地监管机构中，国家发改委审批涉及固定资产投资的发债项目，中国人民银行通过人民币跨境支付系统（CIPS）监测资金跨境流动，证监会对涉及内地上市公司的发债行为进行合规审查；澳门与香港还签署了《债券市场监管合作备忘录》，建立跨境违规行为联合调查机制。投资者保护机制则通过受托管理人制度实现，发行人需聘请符合资质的受托管理人（如中银国际），负责监督债券存续期内的合规情况，定期向投资者发布报告；债券合约通常约定以澳门法律为管辖法律，争议提交澳门特别行政区法院解决，涉及内地投资者的纠纷可通过粤港澳大湾区司法协助机制处理。

In terms of foreign exchange management, according to the "Management Measures for the Examination and Registration of Medium and Long term External Debt of Enterprises", the issuance of bonds with a maturity of more than one year must be registered with the State Administration of Foreign Exchange, and the return of funds must comply with the cross-border RMB settlement policy. The regulatory cooperation mechanism reflects multi-party collaboration. The Macao Monetary Authority (AMCM) is responsible for the registration review and market behavior supervision of bond issuance, with a focus on verifying the authenticity and completeness of information disclosure; Among the mainland regulators, the National Development and Reform Commission approves bond issuance projects involving fixed assets investment, the People's Bank of China monitors cross-border capital flows through the RMB Cross border Payment System (CIPS), and the CSRC conducts compliance reviews on bond issuance activities involving mainland listed companies; Macao and Hong Kong have also signed a Memorandum of Understanding on Bond Market Regulation Cooperation, establishing a joint investigation mechanism for cross-border violations. The investor protection mechanism is implemented through the trustee system, and the issuer needs to hire qualified trustees (such as Bank of China International) to supervise the compliance of the bond during its term and regularly release reports to investors; Bond contracts usually stipulate that Macao law shall be the governing law, and disputes shall be submitted to the courts of the Macao Special Administrative Region for resolution. Disputes involving mainland investors may be handled through the Guangdong Hong Kong Macao Greater Bay Area judicial assistance mechanism.

尽管澳门债券市场发展迅猛，其仍面临三重挑战：一是投资者多样性不足，国际长线资金占比低于20%；二是二级市场薄弱，日均交易量不足发行规模1%；三是法律衔接存在一定的缺口，跨境违约处置规则缺位。

Despite the rapid development of the Macao bond market, it still faces three challenges: firstly, insufficient investor diversity, with international long-term funds accounting for less than 20%; Secondly, the secondary market is weak, with an average daily trading volume of less than 1% of the issuance scale; Thirdly, there is a certain gap in legal connection, and there is a lack of rules for handling cross-border breaches.

对于政策优化的建议，笔者认为，应将债券利息免税政策延长至 2030年、对绿色债券给予额外10%的利息补贴，建立粤港澳大湾区债券市场监管联席会议统一信息披露标准，与澳门大学合作开设“债券市场与跨境金融”硕士项目定向培养专业人才。

For policy optimization suggestions, the author believes that the tax exemption policy for bond interest should be extended until 2030, an additional 10% interest subsidy should be given to green bonds, a unified information disclosure standard for the Guangdong Hong Kong Macao Greater Bay Area Bond Market Supervision Joint Conference should be established, and a master's program in "Bond Market and Cross border Finance" should be established in cooperation with the University of Macao to cultivate professional talents.

对企业而言，需把握政策窗口，充分利用横琴粤澳深度合作区补贴、澳门税收优惠及跨境融资便利化政策降低综合成本，灵活选择“人民币债 + 外汇衍生品”“公募 + 私募”等多元化融资结构，并通过路演、白皮书发布等方式向国际投资者传递ESG绩效和长期发展潜力。

For enterprises, it is necessary to grasp the policy window, fully utilize the subsidies of Hengqin Guangdong Macao Deep Cooperation Zone, Macao tax incentives, and cross-border financing facilitation policies to reduce comprehensive costs, flexibly choose diversified financing structures such as "RMB bonds+foreign exchange derivatives" and "public+private equity", and convey ESG performance and long-term development potential to international investors through roadshows, white paper releases, and other means.

澳门离岸人民币债券市场的崛起，既是中央赋予“一国两制”的金融使命，更是全球人民币资产配置需求激增的时代产物。随着常态化国债发行机制巩固、“深合债”企业融资范式推广，以及中葡金融服务平台功能强化，澳门有望在五年内建成年发行规模超千亿的离岸人民币债券枢纽。对发行人而言，借势澳门的制度红利与成本优势，不仅可高效触达离岸资金，更将嵌入国家双循环战略下的金融新基建网络，共享人民币国际化纵深推进的历史机遇。

The rise of Macao's offshore RMB bond market is not only a financial mission entrusted by the central government to "One Country, Two Systems", but also a product of the surge in global demand for RMB asset allocation. With the consolidation of the normalized treasury bond issuance mechanism, the promotion of the "Shenhe Bond" corporate financing paradigm, and the strengthening of the functions of the Sino Portuguese financial service platform, Macao is expected to build an offshore RMB bond hub with an annual issuance scale of more than 100 billion yuan within five years. For issuers, leveraging the institutional dividends and cost advantages of Macao not only enables efficient access to offshore funds, but also embeds them into the financial infrastructure network under the national dual circulation strategy, sharing the historical opportunity of deepening the internationalization of RMB.