2. Term and variety structure of national debt. In terms of the term of national debt, most of China's national debt is medium-term debt of 3 or 5 years, lacking short-term and long-term debt of more than 5 years within 1 year, with a single term, short average term and short repayment peak period; In terms of variety structure, the variety structure design of national debt is unreasonable. For more than 20 years, China has been dominated by non-negotiable certificate-based government bonds, which cannot meet the investment needs of investors. The shortage of varieties also restricts the expansion of the issuance space of national debt scale.
3. The central bank's demand for national debt. As far as monetary policy is concerned, the central bank's open market business in the national debt market is an important policy tool to regulate the money supply. In order to facilitate the open market operation, the central bank pays more attention to the high liquidity of national debt, hopes to issue more short-term national debt, and requires the national debt to reach a certain scale, not just to eliminate the fiscal deficit. Therefore, in the scale control of national debt, we should not only consider the fiscal principle, but also consider the needs of the central bank's open market operation and choose the appropriate scale and term structure.
4. The effect of the use of treasury bonds. Due to the lack of supervision system for the efficiency of capital use in China, coupled with the competition for funds by local governments and the lack of feasibility study of projects, the utilization efficiency of national debt is very low, resulting in great waste. In addition, China's national debt is still financing national debt, and the proportion of national debt funds used for constructive expenditure is still relatively low, forming a tendency of "deficit debt, debt consumption", which will inevitably affect the actual scale of national debt.