Recently, the central bank of China is seeking advice on the Rules of Trial Operation of Interbank Bond Market,thus China's bond market will once again be ushered into the opportunity of reform. ANBOUND research team believes that the shortcomings of the market-maker system have restrained the pricing function of bond’s secondary market which in turn imposed constraint to the primary market. The direction of China’s bond market reform is to regulate market-making system, promote greater participation of market-makers and efficiently enhance the liquidity of secondary market. It will lay a solid foundation for asset securitization, RMB internationalization and economic transformation.