According to different classification methods, government debt is usually divided into the following categories:
(a) according to the repayment period, it can be divided into short-term, medium-term and long-term bonds.
The so-called short-term, medium-term and long-term, there is no absolute standard. Generally speaking, bonds due within 1 year are short-term bonds, bonds due between 1 and 10 years are medium-term bonds, and bonds due above 10 years are long-term bonds. Among them, medium-term bonds account for a large proportion of bonds issued by governments in various countries.
(two) according to the distribution area, it can be divided into domestic debt and foreign debt.
Domestic government debt refers to bonds issued by the state within its territory. Generally speaking, the government's domestic debt is mainly subscribed by domestic residents and enterprises and institutions, and the issuance and servicing of domestic debt are also carried out in domestic currency, but the possibility of foreign residents buying government bonds in their own territory is not ruled out. At the same time, the government can also issue domestic government bonds in foreign currency. Therefore, as long as the government bonds are issued in China, whether they are issued to local residents or not, and whether the monetary units issued are measured in domestic currency or not, they are all domestic bonds.
Government foreign debt refers to the government's foreign loans and public bonds issued abroad. Most of the creditors of foreign debts are foreign governments, international financial organizations and foreign citizens, and they do not deny the possibility of their nationals buying foreign-issued bonds in their countries of residence. The issuance and servicing of foreign debts must be paid in foreign currency. Issuing foreign debts can make up for the shortage of domestic funds and accelerate the development of domestic economy.
(3) According to the mode of issuance, it can be divided into compulsory bonds and voluntary bonds.
Compulsory bonds are bonds that the state forces residents or groups to buy by virtue of its political rights and according to the prescribed standards. This kind of public debt is generally used in wartime or when financial and economic difficulties occur, or when specific policies are implemented to achieve specific goals.
Voluntary bonds are bonds issued by the government in accordance with the principle of credit and voluntarily subscribed by residents or groups. The purchase amount is determined by residents or groups themselves, and the government does not impose any restrictions. This kind of public debt is easily accepted by the public and will not cause negative effects.
(4) According to the issuer, it can be divided into monetary bonds, physical bonds and discounted bonds.
Currency bonds are bonds issued in currency, which can be divided into local currency bonds issued in local currency and foreign currency bonds issued in foreign currency. In the case of relatively developed commodity monetary economy and stable currency value, currency bonds are generally used to facilitate calculation, issuance and management.
Real bonds are bonds issued in kind. Generally, it is a kind of public debt taken under the condition of underdeveloped commodity currency economy or unstable currency value.
Convertible bonds are between monetary bonds and physical bonds. It is a method of converting according to a certain number of physical objects in order to offset the damage of currency decline to creditors' interests under the condition of unstable currency. But in essence, it is still a currency bond, because it makes bonds issued in the currency at that time, and the principal and interest are also paid in currency.
(5) According to the issuer, it can be divided into central government bonds and local government bonds.
Central government bonds are debts issued and repaid by the central government, also known as national debt. The national debt revenue is included in the central budget, and the central government arranges the expenditure and use, and the principal and interest are also borne by the central government to realize the functions of the central government.
Local bonds are debts issued and repaid by local governments. Debt income is included in the local budget, arranged and used by the local government, and the debt service is also borne by the local government. The issuance scope of local government bonds is not limited to local areas.
(six) according to the purpose of public debt, it can be divided into construction bonds and financial bonds.
Construction bonds, also known as productive bonds, are bonds used for production, construction and for-profit enterprise investment. This kind of public debt, the government can not only have assets equivalent to public debt as debt repayment guarantee, but also directly gain income from these investments to enhance the repayment ability of public debt.
Fiscal bonds, also known as unproductive bonds, are bonds issued to make up for the government's fiscal deficit or meet temporary financial needs. Financial bonds are repaid by the state treasury.
(7) According to the liquidity of government debt, it can be divided into listed bonds and unlisted bonds.
Listed bonds refer to bonds that can be transferred through financial market transactions, also known as negotiable bonds. This kind of public debt has strong liquidity, and subscribers can sell and transfer it in the secondary market at any time according to the financial market situation and their own capital situation, so it is very attractive to investors and is the main form of government financing, generally accounting for about 70% of all public debt. Listed bonds can be divided into short-term, medium-term and long-term bonds according to their repayment period.
Unlisted bonds refer to bonds that are not transferred through financial market transactions, and can be divided into savings bonds and special bonds according to the issuers. Savings bonds are bonds specially designed by the government for individual buyers to absorb residents' savings. Most of them are long-term issues, and the issuance conditions are more favorable, which enhances the investment enthusiasm of residents. Special bonds are negotiable bonds issued by the government to financial institutions (such as commercial banks and insurance companies). This kind of bond has certain policy, pertinence and compulsion, and the preferential degree of its issuance conditions is often lower than that of savings bonds or even listed bonds, but the term is much longer than that of savings bonds. The function of this bond is to provide a tool for the government to obtain funds from some financial institutions stably and help the central government to regulate the money supply.
The bonds issued by our government before 1988 are basically non-negotiable and non-transferable. After 1988, with the establishment and development of the national debt circulation market, the liquidity of national debt gradually increased. At present, among the types of bonds issued in China, negotiable bonds includes book-entry bonds, bearer bonds, value-added bonds and national construction bonds. Non-circulating bonds include voucher bonds and special directional bonds.
Book-entry treasury bonds record creditor's rights in the form of bookkeeping, and are issued and traded through the trading system of the stock exchange, which can be registered for the record. Investors must open an account in the stock exchange to trade book-entry treasury bonds. There is no handling fee for transactions during the issuance period; A handling fee of 0.2% of the turnover is charged for transactions after the issuance period. Because the issuance and trading of book-entry treasury bonds are paperless, it not only reduces the cost and improves the efficiency, but also makes the issuance and trading of treasury bonds safer. It is the product of the development of marketization to a certain stage, but it requires high technical conditions, such as computer systems of various exchanges.
The bondholder records the creditor's rights in the form of physical bonds. During the issuance period, investors can buy directly at the counter of the underwriting institution; Investors who set up accounts in stock exchanges may entrust securities companies to purchase through the stock exchange system. During the issuance period, there is no handling fee for the purchase of bonds by bearer. After the issuance period is over, the holder can sell it at the counter, or sell it through the exchange system after hosting the physical coupons at the stock exchange, and pay a handling fee of 0.2% of the transaction amount. This kind of national debt cannot be reported as loss, but it can be listed, traded and exchanged in the whole country. It has the characteristics of high liquidity and convenient purchase, and at the same time, because it is in physical form, it has high cost and low safety factor.
Voucher-type national debt records creditor's rights with "voucher-type national debt collection certificate", which is a national savings certificate and cannot be listed and circulated. Interest will be recorded from the date of purchase by investors. If the holder needs to cash out under special circumstances during the holding period, he can cash out in advance at the original purchase outlet, and in addition to the principal, he can also get interest paid according to the actual holding days and the corresponding interest rate grade. The handling agency will charge a handling fee of 0.2% for the redemption of the principal. When the voucher-type national debt is paid at maturity, no handling fee is charged. This kind of national debt can be purchased through the savings outlets of China Industrial and Commercial Bank, China Agricultural Bank, China Bank, China Construction Bank, Bank of Communications and the national debt service department of the financial department.
Special directional bonds are government bonds issued to social endowment insurance funds and unemployment insurance fund management institutions, and the creditor's rights are recorded by "special directional bond receipt voucher".