A: The fixed interest rate is a certificate-based national debt; The floating-price treasury bonds listed on the exchange are book-entry treasury bonds, which are somewhat similar to stocks, but they will also get a fixed interest rate when they are held until maturity, and most investors earn the difference according to market changes.

In fact, the phrase "the price of bonds is fixed" refers to the face value of bonds, that is, the face value of bonds when they are first issued, such as 1 1,000 yuan (domestic ten-issue bonds). After bonds enter the secondary market, the buying and selling prices of bonds will change due to changes in interest rates and market supply and demand, and will rise or fall, which is different from the face value.

What does national debt mean?

National debt, also known as national debt, is a creditor-debtor relationship formed by the state raising funds from the society on the basis of its credit and according to the general principle of debt. National debt is a bond issued by the state, a government bond issued by the central government to raise financial funds, and a debt certificate issued by the central government to investors, promising to pay interest and repay the principal within a certain period of time. Because the issuer of national debt is the country, it has the highest credit and is recognized as the safest investment.

China's national debt refers to the national debt issued by the Ministry of Finance on behalf of the central government. Guaranteed by the national financial reputation, the credibility is extremely high. It has always been called "Phnom Penh bond". Steady investors like to invest in national debt. There are three types of bonds: voucher bonds, bearer bonds and book-entry bonds.

On June 15, 2020, the Ministry of Finance issued a notice to clarify that in order to raise financial funds, promote epidemic prevention and control and overall economic and social development, it was decided to issue 2020 special anti-epidemic national debt (Phase I) and 2020 special anti-epidemic national debt (Phase II).