Securities and bonds (national debt is a kind of bonds) are very different in the scope of inclusion. The coverage of securities is richer, while bonds are relatively smaller than securities. The so-called bond is equivalent to an act of borrowing money. Therefore, the bond needs to repay the corresponding interest, but it should be noted that no matter whether the person who lends money to you uses it to buy securities is a profit or a loss, it is directed to give the corresponding principal and interest. Bonds are actually a kind of securities. Besides bonds, securities also include stocks, funds and other products. Bonds are just one kind of securities.

National debt (national debt; Government loan, also known as national bond, is a creditor-debtor relationship formed by the state on the basis of its credit and in accordance with the general principles of debt. 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.

China's national debt refers to the national debt issued by the Ministry of Finance on behalf of the central government. Guaranteed by the national financial reputation, the credibility is very high. It has always been called "Phnom Penh bond", and cautious investors like to invest in government bonds. There are three kinds of bonds: voucher bonds, bearer bonds and book-entry bonds.

Securities refer to the names of relevant economic rights and interests certificates owned by investors. In other words, investors who own securities can enjoy the relevant rights and interests stipulated by law. There are many kinds of securities, including capital security, currency securities and commodity securities. Related securities products traded in the securities market, such as stocks, bonds and futures, are also called securities.