Since the founding of New China to the present, the development of my country’s national debt can be divided into two main stages:

The first stage (1950-1958):

After the founding of New China, the "People's Victory Realized Public Bonds" were issued in 1950, becoming the first national debt in the history of New China. During the subsequent "First Five-Year Plan" period, another "National Economic Construction Public Bond" was issued every year from 1954 to 1958, with a total issuance of 3.544 billion yuan, equivalent to 4.11% of the total national budget economic construction expenditure of 86.224 billion yuan during the same period. .

After 1958, due to historical reasons, the issuance of national bonds was terminated.

The second stage (1981 to present):

my country resumed the issuance of national debt in 1981, and the development of the national debt market today can be divided into several specific stages. .

Between 1981 and 1987, the average annual issuance of government bonds was only 5.95 billion yuan, and the issuance dates were also concentrated on January 1 of each year. During this period, there was no primary or secondary market for treasury bonds. The issuance of treasury bonds took the form of administrative apportionment and was oriented to state-owned units and individuals. There was an interest rate difference. The annual interest rate of treasury bonds subscribed by individuals was four percentage points higher than the annual interest rate of treasury bonds subscribed by units. The types of bonds are relatively simple. Except for the 5.4 billion yuan 3-year key construction bonds issued in 1987, they are all medium and long-term treasury bonds of 5 to 9 years.

From 1988 to 1993, the annual issuance scale of government bonds expanded to 28.4 billion yuan, and new varieties such as national construction bonds, fiscal bonds, special government bonds, and value-preserved public bonds were added. In 1988, the state carried out pilot projects for the circulation and transfer of treasury bonds in 61 cities in two batches, initially forming an over-the-counter trading market for treasury bonds. After 1990, treasury bonds began to be traded on exchanges, forming an on-exchange trading market for treasury bonds. In that year, treasury bond trading accounted for more than 80% of the total securities trading volume of 12 billion yuan. In 1991, my country began to trial the underwriting and underwriting of treasury bond issuance; in October and December 1993, the Shanghai Stock Exchange officially launched two innovative products, treasury bond futures and repos.

In 1994, the Ministry of Finance issued half-year and one-year short-term treasury bonds for the first time; in 1995, the secondary market for treasury bonds was actively traded, especially futures trading volume, which repeatedly hit records, including the "3.27" incident and the repurchase of debt. Violations such as chain issues occurred frequently, resulting in the suspension of Treasury futures trading in May.

In 1996, there were some new changes in the treasury bond market: first, the Ministry of Finance reformed the previous centralized issuance of treasury bonds to monthly rolling issuance, which increased the frequency of treasury bond issuance; secondly, the diversification of treasury bond types, and short-term treasury bonds For the first time, discount issuance was implemented, and treasury bonds with a minimum maturity of 3 months were added. Ten-year and seven-year interest-bearing treasury bonds with annual interest payments were also issued for the first time; thirdly, on the basis of underwriting, The 8-issue treasury bonds that can be listed are issued through bidding based on price (yield) or transfer period; fourthly, the treasury bonds issued that year are mainly book-entry treasury bonds, gradually making treasury bonds paperless.

After 1996, the trading volume of the treasury bond market declined.

At the same time, the treasury bond market has experienced changes in the direction of centralized custody and the separation of the interbank bond market and the non-interbank bond market, showing a "three pillars" trend, namely the national interbank bond trading market, the Shenzhen and Shanghai Stock Exchange treasury bond markets and the market. Foreign debt market.

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