According to the definition of the International Monetary Fund and the World Bank, foreign debt is "including all liabilities that are obligated to repay non-local residents in foreign currency or local currency". The net foreign debt is equal to the total foreign debt of a country MINUS all the claims of residents to non-residents (that is, overseas assets).
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, which promises to repay the principal and interest 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 tool.
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After the founding of New China, China's national debt issuance can be divided into three stages:
The first stage is 1950, and the new China has just been established. At that time, in order to ensure the supply of the ongoing revolutionary war and restore the national economy, "people's victory bonds" with a total value of about 30.2 billion yuan were issued.
The second stage is 1954- 1958. In order to carry out socialist economic construction, "national economic construction bonds" with a total amount of 3.546 billion yuan were issued in five times.
The third stage is after 1979. In order to overcome financial difficulties and raise funds for key construction projects, China began to issue government bonds again from 198 1. By the end of 1995, * * 8 kinds of domestic bonds, including national bonds, national key construction bonds, financial bonds, special bonds, directional bonds, value-added bonds and convertible bonds, had accumulated a balance of 330 billion yuan.
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