Abstract: By the end of 2020, the size of China's bond market had reached the second largest in the world, second only to the United States. However, the pricing mechanism of China's bond market is inefficient, and the pricing of credit risk is even distorted. According to the country's 14th Five-Year Plan, it is necessary to improve the market-oriented bond issuance mechanism, steadily expand the scale of the bond market, enrich bond varieties, and issue long-term treasury bonds and long-term bonds for infrastructure. Issues such as improving the efficiency of the bond market, enhancing the bond market's ability to serve the real economy, and preventing bond market risks are of great significance to the development of China's financial market. This report found that China's bond market is still inefficient and the degree of marketization is still insufficient. The report recommends that China needs to unify the legal, regulatory and operational basis of the bond market, open up the bond market, increase the diversity of investors in the bond market, increase the layering of the bond market and develop the bond derivatives market.