According to economic theory, national debt should be negatively correlated with the stock market! When funds are abundant, financial markets will rise! A simple explanation: Treasury bonds are bonds issued by the state, commonly known as "Treasury bills"; because the types of Treasury bonds, length of life, etc. are different, the open market prices will also be different, so a statistical name is unified based on the rise and fall of the transactions of each variety. It is called the "Treasury Bond Index". Shanghai Stock Exchange refers to the Shanghai Stock Exchange; corporate bonds refer to various bonds issued by enterprises. As explained before, there is also the "Corporate Bond Index". Central Bank Bills refer to the various bonds issued by enterprises. The purpose of the "bonds" that the Central Bank (People's Bank of China) compulsorily issues to commercial banks is to recover RMB in the market!