Special treasury bonds and special treasury bonds differ from other bonds mainly in the purpose of issuance and the way of use. They are special-purpose treasury bonds issued by the government to solve problems other than the fiscal deficit, and do not finance the budget deficit. For example, the Ministry of Finance 1998 issued 270 billion yuan of long-term special treasury bonds to the four major state-owned commercial banks, and all the funds raised were used to supplement the capital of the four major banks. National debt is a bond issued by the government. Compared with other types of bonds, the main issuer of national debt is the state, which has a high degree of credibility and is known as "Phnom Penh bond".

In order to effectively develop China's national economy, enhance China's comprehensive national strength and improve people's living standards, our government issues a certain number of special treasury bonds on a regular basis in addition to ordinary treasury bonds of moderate scale. Ordinary bonds can be divided into voucher bonds, book-entry bonds and bearer bonds, while special bonds mainly include directional bonds, special bonds and special bonds.

Certificate-based national debt: a kind of national savings bonds, which can be registered for loss reporting. Creditor's rights can be recorded in the "voucher-type treasury bill receipt", which can be paid in advance and cannot be listed and circulated, and interest will accrue from the date of purchase.

Bookkeeping filing of national debt: creditor's rights are recorded in the form of computer bookkeeping, paperless issuance and trading, and can be registered for loss reporting.

Bearer (physical) national debt: a kind of physical bond, which records the creditor's rights in the form of physical vouchers, is bearer, does not report the loss, and can be listed and circulated.

Targeted bonds: With the approval of the State Council, the Ministry of Finance adopted bonds mainly raised from pension funds, unemployment insurance funds (hereinafter referred to as "the two funds") and other social insurance funds, which are referred to as "special targeted bonds" or "targeted bonds".

Special Treasury bonds: With the approval of the 30th meeting of the 8th the National People's Congress Standing Committee (NPCSC), the Ministry of Finance issued 270 billion yuan of long-term special treasury bonds to the four wholly state-owned commercial banks in August, and all the funds raised were used to supplement the capital of the wholly state-owned commercial banks.

Special national debt. After deliberation and approval at the Fourth Session of the Ninth the National People's Congress Standing Committee (NPCSC), the Ministry of Finance issued 10-year interest-bearing treasury bonds to four state-owned commercial banks, namely, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China and China Construction Bank, in September 1998, with an annual interest rate of 5.5%, which was used for infrastructure investment urgently needed by national economic and social development.