浅谈凭证式国债发行中存在的问题（Discussion on the problems existing in the issuance of certificate type treasury bonds）.doc

浅谈凭证式国债发行中存在的问题（Discussion on the problems existing in the issuance of certificate type treasury bonds） Discussion on the problems existing in the issuance of certificate type treasury bonds Discussion on the problems existing in the issuance of certificate based treasury bonds 2008-12-20 15:11:15 National debt is a paid form of credit to the country as the main body to finance, its purpose is to use the form of the debt to the central financial community temporarily idle funds to make up deficits and increase social investment and macro-control of the national economy. The bonds has become one of the main varieties on the market of national debt of China, because it combines the advantages of the two savings and bonds, since the first issue in 1994, by the underwriting institutions and individual investors. However, as Chinas accession to the WTO and the deepening of the reform of the financial and financial system, there are some problems in the variety, structure, distribution and management of certificate type treasury bonds, which need to be discussed and improved. 1, the historical review of the development of treasury bonds Beginning in 1994, the budget deficit, no longer to the central bank loans, financial raising funds can only be resolved by issuing bonds. Before most of treasury bonds issued bearer Treasury physical form, not only printing, transportation, storage, anti false cost is too high, and can not meet the needs of urban and rural residents to buy large amounts of treasury bonds, because the bond market at the time of the construction is still in the primary stage, the investment community is far from other factors, can not bear the main the financial role in the financing process, under this background, the birth certificate bonds. Since the issuance of certificate government bonds in April 1, 1994, it has gone through three stages: start-up, adjustment and improvement. After 10 years of exploration and practice, China has gradually straighten o