Voucher-type treasury bonds are a kind of national savings bonds, which can be registered to report the loss. The creditor's rights are recorded as "voucher-type treasury bonds receipt vouchers", which cannot be listed and circulated, and interest will accrue from the date of purchase. During the holding period, if the holder needs to withdraw cash under special circumstances, he can redeem it at the purchase outlet in advance. When redeeming in advance, in addition to repaying the principal, the interest will be calculated according to the actual holding days and the corresponding interest rate grade, and the handling agency will charge a handling fee of 2‰ of the principal.
Bearer (physical) treasury bonds are a kind of physical bonds, which record creditor's rights in the form of physical certificates, have different face values, are bearer, have no loss report, and can be listed and circulated. During the issuance period, investors can buy directly at the counter of the institution that sells government bonds. Investors who set up accounts in stock exchanges may entrust securities companies to purchase through the trading system. After the issuance period is over, the holders of physical coupons can sell them at the counter, or they can sell them through the trading system after being entrusted to the stock exchange for custody.
Book-entry treasury bonds record creditor's rights in the form of bookkeeping, which can be issued and traded through the trading system of stock exchanges, and can be registered for the record. Investors who buy and sell book-entry securities must set up accounts in the stock exchange. Because the issuance and transaction of book-entry treasury bonds are paperless, it has high efficiency, low cost and safe transaction. [Edit this paragraph] The role of national debt under market economy 1. Make up the fiscal deficit
Making up the fiscal deficit is the most basic function of national debt.
Generally speaking, there are two reasons for the government's fiscal deficit: one is economic recession, and the other is natural disasters.
Once the government has a deficit, it must find ways to make up for it. Under the market economy system, there are three main ways to make up for it: increasing taxes, issuing additional currency and borrowing national debt.
The first way not only can't raise a lot of money quickly, but also heavy taxes will affect the enthusiasm of producers, further shrink the national economy, narrow the tax base, and may make the deficit bigger.
The second way will greatly increase the money supply of society, lead to excessive inflation and disrupt the operation order of the whole national economy.
The third way is the most feasible way, because issuing treasury bonds to raise funds is only a temporary transfer of the right to use social funds. Under normal circumstances, it will not lead to excessive inflation, and at the same time, it can make up the fiscal deficit quickly, flexibly and effectively. Therefore, borrowing national debt is the most basic and commonly used way for governments all over the world to make up the fiscal deficit.
2. Adjust the surplus and deficiency of seasonal funds in the budget.
Using national debt, the government can also flexibly adjust the seasonal surplus and deficiency of funds in the process of fiscal revenue and expenditure. 1 year, government revenue often does not flow into the state treasury at a balanced rate, while fiscal expenditure often proceeds at a relatively balanced rate. This means that even if the government budget is balanced throughout the year, there will be considerable deficits in individual months. In order to ensure the performance of government functions, many countries will adopt short-term treasury bonds with a term of 1 year (usually a few months, and the longest is no more than 52 weeks) as a seasonal fund adjustment means to solve the temporary fund imbalance.
3. Macro-control the operation of the national economy
A country's economic operation cannot always be in a state of steady and sustained growth. On the contrary, due to the influence of macro-policy mistakes, international economic influence and other factors, economic operation often deviates from people's expected ideal track, resulting in economic over-expansion (serious inflation) and economic contraction (deflation). At this time, the government must take corresponding policies and measures to intervene in the economy, so that the economic operation can return to an ideal or expected track. Since the establishment of Keynesian macroeconomic theory, it has become a common phenomenon to use economic policies to regulate macroeconomic operation, in which national debt plays a very important role. This also makes the macro-control function of national debt gradually become the main function of national debt. [Edit this paragraph] The nature of national debt The financial issuance of national debt is different from the bank's absorption of savings. The issuance of China's national debt has a strong administrative color from the beginning, and what is widely publicized is its political significance, not its economic role and benefits. At the same time, in the issuance propaganda, the national debt is compared with bank savings, which confuses the difference between national debt and bank savings. In fact, national debt has always been similar to bank savings, and this problem does not want to be different from bank savings. Therefore, for many years, people have known that the difference between national debt and bank savings is only that the undertakers are different, that is, one is the bank and the other is the finance; Then, the issue rate of national debt is always higher than bank savings. In other words, the function of finance is different from that of banks, and the credit of finance is also different from that of banks. Therefore, the issuance of treasury bonds by the government can never be equated with the absorption of savings by banks.
Finance can neither provide savings services for the general public like banks, nor compete with banks for limited social savings. If we say that in the era when the national debt just came into being, that is, in the developed modern market economy, it is not allowed to confuse financial credit with bank credit, that is to say, the mechanism and significance of fiscal issuance of national debt must not be different from that of bank absorption of savings in principle. Defining the different nature of national debt and bank savings in theory is the cognitive basis for standardizing the issuance of national debt, and it is also a necessary prerequisite for perfecting the national debt market and giving full play to its role.
1, the issuance of national debt can play a special role in making up the gap between investment and savings in the operation of the national economy, while bank savings only absorb temporarily unused funds from the public.
Bank savings can play the role of converting savings funds into investment funds, and can also play the role of transferring realized consumption capacity, and transfer some people's deferred consumption funds to another people for actual consumption. This is the role of bank credit. In contrast, financial credit should not play the same role as bank credit. In essence, the financial issuance of treasury bonds should avoid being similar to bank savings, because as long as the issuance of treasury bonds is equivalent to bank savings, it is better to overdraw treasury bonds directly. Under the condition of commodity economy, the basic requirement of national economic operation is that production equals consumption and investment equals savings, that is, consumption is less than production, social reproduction will shrink, investment is less than savings, and social consumption will be less than production, resulting in some social funds and production results being idle.
Therefore, the financial issuance of treasury bonds is different from the bank's absorption of savings, and its mechanism lies in that treasury bonds can balance investment and savings and make up for the investment gap. This is because under the current financial system, after banks absorb savings, they can't turn all the savings funds into investment funds except the actual consumption capacity, and they must keep some of them as reserves. In fact, the existence of this kind of reserve has formed an unbalanced gap between social capital investment and savings. In the modern market economy, the financial issuance of national debt is mainly aimed at this gap, that is, issuing bank reserves. Because national debt has the best reputation and the most convenient realization, it can play this special role like a bank. By issuing national debt to absorb savings, finance not only loses its special function, but also infringes on the social financing function of bank credit.
2. Issuing national debt is to exercise the economic management function of the country, while bank savings only show the existence of a financial credit relationship.
The economic construction that the country is engaged in is different from the general market economic activities. Under the traditional system, China is centralized, that is, all economic activities are controlled by the state, which is the object of reform. At present, the market economic system is established and improved, and the economic construction that the state is responsible for is limited to non-competitive areas such as infrastructure, and generally does not involve the content of competitive areas. This is the application of the national economic management function.
The issuance of national debt is to play the role of this economic management function of the country. The state can effectively regulate the operation of the national economy by investing in national debt. Relatively speaking, the role of national debt is unmatched by bank savings. In the past, in China, calling on people to economize was also a kind of political mobilization, which was a concrete embodiment of the centralized economic system. People always emphasize that savings are used to support national economic construction. Now, after the transition to the new economic system, the traditional concept has long changed, and bank savings have fallen back to the general market economy behavior, which only reflects the credit relationship between individuals and banks and has no significance of direct investment in national economic construction.
3. The interest rate of national debt should be the benchmark interest rate in the capital market, and bank savings can't play the role of this credit tool.
National debt is issued by the central government and guaranteed by the national reputation, so it has the reputation of Phnom Penh bond. Relatively speaking, this is a credit tool with high security, huge financing scale and convenient realization. In other words, compared with the currency issued by the state, the national debt is a credit certificate second only to the currency, which can almost play the role of quasi-currency. Because national debt has the strongest liquidity and the most convenient liquidity, the interest rate of national debt can only be the lowest among all credit instruments. Therefore, the interest rate of national debt should objectively play the role of benchmark interest rate. In the capital market, the standard market operation should maintain the benchmark interest rate position of the national debt interest rate, and any market credit relationship that cannot make the national debt interest rate the benchmark interest rate is bound to be irregular. Similarly, this credit function of national debt is not available in bank savings offices. Under the premise of the existence of national debt, the bank deposit interest rate should not and should not be allowed to become the benchmark interest rate unless the credit relationship in the financial market is distorted. That is to say, in real life, it is abnormal that the interest rate of national debt is higher than the bank deposit rate, which is an obvious manifestation that the issuance of national debt does not meet the requirements of the basic operation mode of modern capital market. [Edit this paragraph] Issue treasury bonds 1, and issue price of treasury bonds
Fair price problem. In other words, the issue price is equal to its face value. When the bond matures, the state will repay the principal and interest at this price.
Sell at a discount. That is, the issue price is lower than the face value of the bond. When the bond matures, the state needs to repay the principal and interest at face value. It is different from discount issue.
Premium issue. That is, the issue price is higher than the face value of the bond. When the bond matures, the state only pays the principal and interest of the face value of the bond.
2. Issuance of national debt
Public offering law. That is, issuing government bonds through public bidding in the financial market.
According to the subject matter of tender, the public tender for the issuance of national debt is divided into three forms: payment period, price and yield.
According to the bidding rules, there are unit price bidding (Dutch style) and multi-price bidding (American style).
Bearing method. That is, financial institutions take over all the national debt, and then turn to social sales, and the unsold part is borne by financial institutions themselves.
Sales method. That is, the government entrusts marketing agencies to use the financial market to directly sell government bonds.
Payment and distribution law. That is, the government should pay cash instead of government bonds.
Compulsory apportionment method. In other words, the state uses political power to force its citizens to buy government bonds. [Edit this paragraph] Repay the national debt 1, and the way to repay the national debt
Repayment by installments. That is, a national debt stipulates several repayment periods, and the principal is fully paid off when the national debt expires.
Revolving withdrawal and repayment method. That is to say, a certain proportion of national debt is determined by drawing lots regularly according to the national debt number until the repayment period ends, and all national debt is paid off by drawing lots.
One-time repayment at maturity method. In other words, the national debt is paid off in one lump sum according to the par value of the maturity date.
Market purchase and sale compensation law. That is, to buy back the national debt from the securities market, even if it expires, this national debt has been fully held by the government.
Replace the old repayment method with a new repayment method. That is, by issuing new treasury bonds in exchange for expired old treasury bonds.
2, the source of funds to repay the national debt
Adopt the budget. The government will include the annual repayment of national debt as a fiscal expenditure item in the expenditure budget of the year, and normal fiscal revenue will ensure the repayment of national debt.
Use fiscal surplus. When there is a balance in budget implementation, this balance will be used to pay the principal and interest of the national debt due in the current year.
Set up a sinking fund. The government budget sets up a special fund to repay the national debt, and allocates special funds from the fiscal revenue every year to set up a fund dedicated to repaying the national debt.
Borrow new debts to pay off old debts. The government issues new bonds as a source of funds to repay old debts. The essence is the extension of the debt period. [Edit this paragraph] China's national debt issuance transformation is in the period of non-market issuance of national debt. Every year, when the state issues treasury bonds, political mobilization at all levels is required, and even administrative apportionment is used. After the issuance of government bonds is completely market-oriented, people see that the issuance of government bonds causes a big move of bank savings every year, and quite a few people buy government bonds with bank certificates of deposit. This phenomenon directly shows that the issuance of national debt in China is not standardized and does not conform to the nature of national debt. Therefore, on the basis of accurately defining the credit function of national debt, the following changes will be realized in the issuance of national debt in China in the future.
1, mainly for residents, mainly for financial institutions.
In order to make up the investment gap, the issuance of national debt must be mainly oriented to financial institutions. For a long time, because China's national debt is mainly issued to residents, the special function of national debt investment has almost been abandoned. The issuance of national debt is basically similar to the absorption of savings by banks. Moreover, in order to attract residents to buy government bonds, the interest rate of government bonds is always higher than the savings rate of banks, which correspondingly makes the interest rate of government bonds lose its position as the benchmark interest rate. Therefore, in order to standardize the national debt market, the most basic requirement is to change the issuing target, from mainly for individual residents to mainly for financial institutions, especially for major commercial banks. This change means that banks are no longer institutions selling government bonds, but the main force buying government bonds. In this regard, stopping commercial banks from selling government bonds to residents should be an obvious sign that China's government bond market is moving towards standardization.
2. From issuing bonds with the same kind of bank deposits to issuing bonds with different kinds of bank deposits.
At present, there is basically no difference between the types of national debt issuance and bank deposits. 1 year bonds, 2-year bonds, 3-year bonds and 5-year bonds correspond to the bank's 1, 2-year, 3-year and 5-year time deposits. With the change of the issuing object, the issuing varieties of national debt must also change. According to the needs of developing the open market business of the central bank, the treasury bonds issued by commercial banks' reserves should be short-term treasury bonds within 1 year, that is, treasury bonds with maturities of 4 weeks, 8 weeks, 3 months and 6 months. If the distribution object changes, from individual residents to financial institutions, and the distribution variety remains unchanged, then the change of distribution object is meaningless. In other words, the change of issuing varieties is related to the change of issuing objects, which is a changing relationship. As far as the national debt market is concerned, the issuing methods, issuing objects and issuing varieties should be standardized in place. The determination of distribution type is set according to the needs of distribution objects. Specifically, the treasury bonds purchased by commercial banks with reserves can only be short-term treasury bonds. The United States is a country with a mature national debt management system, and the national debt issued to financial institutions is short-term national debt. The trend of China's national debt market is not unique, but it should be one of the important contents of market supervision to abide by international practice and turn to issuing short-term bonds.
In addition, national debt can not only be issued to financial institutions. When the main issue target is financial institutions, that is, commercial banks undertake the main task of purchasing government bonds, it is not excluded that the financial department can directly issue a small number of special types of government bonds to individual residents. These special types of national debt generally have a maturity of more than 10 years, up to 30 years. This is not in the variety of bank deposits, but the variety of national debt issuance is different from bank deposits. In some countries that issue treasury bonds for a long time, most of them are issued to individual residents, avoiding issuing treasury bonds with the same bank deposit period. This kind of national debt can be exempted from interest tax, which is mainly purchased by individual residents for their children's education expenses or personal assets reserves, which is very beneficial to stabilizing residents' lives. In order to change the variety of national debt issued in China, we should not only issue short-term national debt for financial institutions, but also develop new long-term national debt for individual residents.
3, from the entrusted bank to the individual residents and then to the financial sector to set up their own national debt issuers.
For a long time, China's national debt is mainly issued to individual residents 1 year to 5-year bonds, so the financial department has to entrust the banking system to issue the bonds on its behalf, and at the same time pay a high agency issuance fee. Major commercial banks are also aiming at this huge agency fee, and they are eager to move at the expense of blood. People withdraw money from banks to buy government bonds because the interest rate of government bonds is higher than that of bank savings, and debt interest's income is not taxed; Banks sell treasury bonds because there is a fixed issuance fee to be recorded; Both buyers and sellers are profitable, but as far as society is concerned, they have paid unnecessary financing costs, because the money used to buy government bonds has been well kept in banks and can be used centrally by society. There is really no need to turn it around in vain and increase interest and issuance costs. Therefore, after changing the issuing object, the national debt will no longer be mainly issued to individual residents, and the situation of bank savings moving will not happen again, and the history of issuing national debt by banks will end. Under this premise, the financial sector must establish its own permanent issuer. This kind of national debt issuer is different from the national debt management department in the period of administrative apportionment, and it is also different from the banking institution as an agent issuer, but a specific office directly under the government financial department. It is not a commercial organization in itself, but only plays the role of issuing government bonds. The short-term bonds issued by this institution are for financial institutions, and the long-term bonds issued by this institution are for individual residents, that is, not only for financial institutions, but also for individual residents, but mainly for financial institutions, and national debt for individual residents can also be issued by entrustment. So far, China's financial department has only set up a national debt management institution, but has not set up a special national debt issuing institution. However, in order to improve China's national debt market, change the issuing objects and varieties, and take the same road of developing the national debt market in all market economy countries in the world, it is necessary to set up a special national debt issuing institution in the financial field as soon as possible as the basic organizational guarantee for standardizing the issuance of national debt. Looking at the future of China's national debt market, the standardized issuance of national debt and the standardized establishment of national debt issuing institutions will surely play an important and fundamental role in its perfection. [Edit this paragraph] On the concept of the national debt law (1)
National debt law refers to the general name of legal norms formulated by the state to adjust the social relations in the process of issuance, circulation, transfer, use, repayment and management of national debt. It mainly regulates the behavior of the state (government), national debt intermediaries and national debt investors when they participate in national debt, and adjusts various national debt relationships that occur in the process of national debt behavior.
Different from the debt law in civil law, the national debt law adjusts the creditor-debtor relationship with the country as the main body, which is consistent with the characteristics that the main body of financial law is always the country. Moreover, national debt is an important way for the country to obtain fiscal revenue, and its purpose is to meet social needs and realize national functions. Therefore, the national debt law is an important branch law of financial law. However, the core of the social relations adjusted by the national debt law is the creditor-debtor relationship between the subjects of national debt, that is, the rights and obligations between the state as a debtor and other creditors. Therefore, the national debt law is closely related to the civil law, especially the debt law in the civil law, and the theory and specific provisions on debt in the civil law can often be applied to the national debt law.
Although the national debt law belongs to the important departmental law of financial law, it is obviously different from other departmental laws such as tax law. For example, the subject equality of the national debt law is obviously different from other departmental laws. Although a subject of national debt law must be the state, in the legal relationship of national debt, the state, as a debtor, has rights and obligations with other rights subjects. Whether there is a creditor-debtor relationship between other rights subjects and the state is generally determined by their own will. In the legal relationship of national debt, they are in an equal position with the state. In addition, the state's right to obtain the proceeds of national debt is closely related to its obligation to repay the principal and interest, and other obligees must also fulfill their obligation to pay the funds for purchasing national debt in order to enjoy the right to obtain the principal and interest. Therefore, in a sense, the national debt law is a private law with the nature of public law.
(b) Overview of national debt legislation
1. Foreign national debt legislation is state-owned.
United States; France; Japan; Korea.
2. China's national debt legislation
Since the founding of New China, domestic bonds have been issued in 1950, 1954- 1958 and 1980. Before the issuance of national debt, the State Council formulated the Regulations on National Debt, which made specific provisions on the issuance, transfer, interest rate, debt service and other related management matters of national debt. National debt regulations are the legal basis for regulating the management activities of national debt in China and adjusting the main relationship of national debt. 1968, the state paid all the domestic and foreign debt principal and interest, 1968- 198 1 year, and China has neither domestic debt nor foreign debt. 198110 In October, the State Council passed the People's Republic of China (PRC) Treasury Bill Ordinance (hereinafter referred to as the Treasury Bill Ordinance) and decided to issue treasury bills to make up the fiscal deficit. Later, national key construction bonds, financial bonds, key enterprise bonds, value-added bonds and special bonds were issued. Until 1992, a treasury bill regulation was promulgated every year, which stipulated the object and method of issuance, the number and interest rate of issuance, the period of repayment of principal and interest, the discount, mortgage and transfer of treasury bills and other bonds, the legal liability of treasury bonds, and the management organization of treasury bonds. 1989- 199 1 year, every year, special national debt regulations are promulgated, which stipulate the issue object, issue amount, issue period, interest rate and repayment period of special national debt. The current national debt law is the National Treasury Bill Ordinance promulgated by the State Council 1992 in March. However, as a national debt law, this provision can no longer meet the needs of the development of socialist market economy.
First, its scope of application is limited to national debt, but it cannot supervise all kinds of national debt.
Second, it mainly stipulates matters related to the issuance of treasury bonds, but does not stipulate the circulation and use of treasury bonds.
Third, there is no standardized approval procedure for issuance.
Therefore, the relevant departments are actively drafting the national debt law in order to clearly regulate the behavior and relationship of national debt.
National debt law: refers to the general name of legal norms regulating economic relations in the process of issuing, using, repaying and managing national debt. This is an important branch law of financial law, and many of its basic principles are consistent with financial law. The object of adjustment is the creditor-debtor relationship with the state as the main body. Its main characteristics are: first, the national debt law has the dual attributes of public law and private law; Second, the national debt law has the attribute of fiscal policy; Third, the national debt law has the nature of macro-control. [Edit this paragraph] Advantages of national debt National debt has its own advantages, mainly in the following aspects:
1. Strong liquidity
Because the listed national debt is listed on the exchange, there are many investors involved and the liquidity is very strong. As long as the stock exchange opens, investors can entrust trading at any time. Therefore, if investors do not intend to hold bonds for a long time to redeem the principal and interest at maturity, it is better to invest in listed government bonds to ensure that they can be sold smoothly.
2. Easy to buy and sell
At present, the securities business department has opened self-service entrustment. Therefore, investing in listed treasury bonds can be entrusted directly by telephone or computer, without going to the bank or counter in person like depositing or buying unlisted treasury bonds, which is convenient and time-saving.
3. High and stable income
Compared with bank deposits, all kinds of listed government bonds have higher returns. This high rate of return is mainly reflected in two aspects: First, the interest rate is high. The yield of listed government bonds at the time of issuance and listing was higher than the bank deposit interest rate at that time. Second, while enjoying the convenience of withdrawing (selling) money at any time like a demand deposit, its yield is much higher than the deposit interest rate. [Edit this paragraph] Special national debt Special national debt has a specific purpose and is a kind of national debt. However, it is not to finance the budget deficit, and it is also different from the purpose of raising funds by issuing ordinary government bonds, and generally aims at raising income.
According to relevant regulations, this kind of national debt belongs to special national debt, depending on how much it is issued and whether it is suitable for ordinary investors to invest.
National debt is a bond issued by the government. Compared with other types of bonds, the main issuer of national debt is the state, which has a high degree of credibility and is known as "Phnom Penh bond".
In order to effectively develop China's national economy, enhance China's comprehensive national strength, and improve people's living standards, in addition to ordinary government bonds with a moderate scale, the China government regularly issues a certain number of special government bonds. Ordinary bonds can be divided into voucher bonds, book-entry bonds and bearer bonds, while special bonds mainly include directional bonds, special bonds and special bonds.
Certificate-based national debt: a kind of national savings bonds, which can be registered for loss reporting. Creditor's rights can be recorded in the "voucher-type treasury bill receipt", which can be paid in advance and cannot be listed and circulated, and interest will accrue from the date of purchase.
Book-entry treasury bonds: creditor's rights are recorded in the form of computer bookkeeping, issued and traded without paper, and can be registered and filed.
Bearer (physical) national debt: a kind of physical bond, which records the creditor's rights in the form of physical vouchers, is bearer, does not report the loss, and can be listed and circulated.
Targeted bonds: With the approval of the State Council, the Ministry of Finance adopted bonds mainly raised from pension funds, unemployment insurance funds (hereinafter referred to as "the two funds") and other social insurance funds, which are referred to as "special targeted bonds" or "targeted bonds".
Special Treasury bonds: With the approval of the 30th meeting of the 8th the National People's Congress Standing Committee (NPCSC), the Ministry of Finance issued 270 billion yuan of long-term special treasury bonds to the four wholly state-owned commercial banks in August, and all the funds raised were used to supplement the capital of the wholly state-owned commercial banks.
Special national debt. After deliberation and approval at the Fourth Session of the Ninth the National People's Congress Standing Committee (NPCSC), the Ministry of Finance issued 10-year interest-bearing treasury bonds to four state-owned commercial banks, namely, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China and China Construction Bank, in September 1998, with an annual interest rate of 5.5%, which was used for infrastructure investment urgently needed by national economic and social development.
The necessity of issuing special treasury bonds to purchase foreign exchange;
Conducive to curbing currency liquidity and alleviating the hedging pressure of the People's Bank of China;
Conducive to promoting the coordination of fiscal policy and monetary policy;
It is conducive to reducing the scale of foreign exchange reserves and improving the income level of foreign exchange business;
It is conducive to supporting domestic enterprises to "go global".