1. National debt (national debt; government loan), also known as national public debt, is a creditor-debt relationship formed by a country raising funds from society based on its credit and in accordance with the general principles of debt. Treasury bonds are bonds issued by the state. They are a type of government bonds issued by the central government to raise fiscal funds. They are credit and debt certificates issued by the central government to investors and promise to pay interest within a certain period of time and repay the principal at maturity. Because The issuer of treasury bonds is the state, so it has the highest credibility and is recognized as the safest investment tool. China's treasury bonds specifically refer to the national treasury bonds issued by the Ministry of Finance on behalf of the central government. They are guaranteed by the national fiscal reputation and have very high credibility. They have always been known as "gilt-edged bonds". Stable investors like to invest in treasury bonds. There are three types of treasury bonds: certificate-type treasury bonds, bearer (physical) treasury bonds, and book-entry treasury bonds.
2. After the founding of New China, the issuance of Chinese government bonds can be divided into three stages: The first stage was in 1950 when New China was just established. At that time, in order to ensure the supply of the ongoing revolutionary war and restore the national Economy, issued "People's Victory Real Public Bonds" with a total value of approximately 30.2 billion yuan. The second stage was from 1954 to 1958. In order to carry out socialist economic construction, "National Economic Construction Public Bonds" totaling 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, China restarted the issuance of government bonds from 1981. As of 1995, China had issued 8 types of domestic debt, including treasury bonds, national key construction bonds, fiscal bonds, special bonds, directional bonds, value-protected bonds, convertible bonds, etc., with a cumulative balance of 330 billion yuan.