1, certificate-based national debt
Voucher-type treasury bonds take the form of treasury receipts as creditor's rights certificates and cannot be listed, circulated and transferred. During the holding period, it can be redeemed in advance at the bank outlets. Its advantages are many outlets, convenient purchase and redemption, and simple procedures. Secondly, you can report the loss by real name, and the security of holding it is very good.
In terms of interest rate, certificate-based government bonds are one to two percentage points higher than the bank deposit rate in the same period. If you want to buy voucher-type government bonds, you need to go to a bank outlet. Voucher bonds are more suitable for investors who don't know much about financial management and have low risk tolerance, such as aunts and uncles, and are very suitable for savings.
2. Electronic government bonds
Compared with voucher treasury bonds, electronic treasury bonds are more convenient to buy. Just open a "national debt custody" account at the bank counter, and then you can buy it at bank outlets, mobile banking or online banking.
In terms of interest rate, take the two issues issued in April as an example. The term of the first phase is 3 years and the annual interest rate is 3.5%. The second phase is 5 years, and coupon rate is 4. 17%. Although the term is relatively long, it can be redeemed in advance if it is held for more than half a year, but it will lose some interest and handling fees.
Summary: in the short term, the liquidity of buying government bonds is not very good, but in the long term, buying government bonds is more cost-effective, which is more suitable for friends who have no short-term capital needs and are risk-averse.
Extended data
The issuance strategy and authority of national debt;
Although the issuance of national debt adopts the credit method of borrowing and repaying loans, it is not an easy task to transfer the funds that can be controlled by the people to the government. For small business owners, they always want to keep their money for their own lives; For big owners, they always want to keep their funds for their own operations, and there is more or less a feeling of not wanting to raise funds. Therefore, if the country wants to issue bonds, it must study the issuance technology, make use of the people's psychology and pay attention to the issuance strategy. The distribution strategy mainly includes:
1, issue patriotic bonds. Cultivate the people's patriotism and the spirit of sacrifice for the country. The people's emotions are full of impulses and are easily aroused and suppressed. This strategy is not easy to use for a long time.
2. High-interest issuance. The issuance of government bonds should be mainly based on market interest rates, but it is not enough to issue high-interest government bonds in a specific period.
3. Tax-free issuance. In other words, the government will not tax anyone who buys government bonds to encourage people to subscribe. But this way may further aggravate the degree of social inequality and further tilt wealth towards the rich.
4. Compulsory issuance. Use national sovereignty to force people to subscribe. Adopting this method means that the national credit is insufficient and further damages the national credit, and it should not be adopted unless necessary.
5. Restrict people's private investment and force them to invest in national debt. If the state can restrict people's free consumption and business, it can free up some funds to subscribe for government bonds. However, the effectiveness of this restriction is limited. If you want to achieve the purpose of restrictions, you often need detailed restrictions.
6. Economic distribution law. This is a normal method of issuing national debt, and it is also the most commonly used and common issuing strategy. The first five strategies have their limitations and can only be adopted in a specific period, but they can be supplemented by economic issuance.
On the issue of issuing authority of national debt. Generally speaking, the power to issue national debt belongs to the highest legislative or administrative organ of the country. It should be unified with the main body of debt.
The debtor refers to the debtor, who not only has the obligation to repay the principal and interest on time according to the law or the contract, but also has the right to issue national debt.
The government consists of various administrative departments or agencies. After all, the functional institutions of each department are different, and the borrowing, use and borrowing of national debt often appear disjointed. Therefore, the state must clearly define the debt subject and its specific implementing agencies in legal form; Then make their rights consistent with the obligation to repay the principal and interest, ensure the rational and orderly issuance of national debt, protect the legitimate rights and interests of national debt creditors, and safeguard the credibility of the government.
References:
Baidu Encyclopedia-Conditions for Issuing National Debt