(1) Classification by bond form: China's current national debt can be divided into savings bonds and book-entry national debt. Savings bonds is a non-circulating, registered national debt issued by the government to individual investors, with the purpose of absorbing personal savings funds and meeting long-term investment needs. During the holding period, if the holder needs to withdraw cash under special circumstances, he can redeem it at the purchase outlet in advance. According to the different forms of recorded creditor's rights, it can be divided into voucher-type national debt and electronic savings bonds. Voucher-type national debt records the creditor's rights with "voucher-type national debt receipt certificate", and electronic savings bonds records the creditor's rights electronically. Book-entry treasury bonds are treasury bonds issued by the Ministry of Finance to all kinds of investors in the whole society by recording creditor's rights by electronic bookkeeping. You can register, report the loss, list and transfer. Because book-entry treasury bonds are issued and traded in paperless form, it has high efficiency, low cost and good transaction security.
(2) Classification by interest payment method: China's current national debt can be divided into discounted national debt and interest-bearing national debt. The so-called discounted national debt refers to a bond issued at a price lower than the face value of the bond, and the principal and interest are paid at the face value at maturity. Interest-bearing national debt refers to the national debt whose interest is generally paid once a year or every six months, and the principal is returned at maturity and the last interest is paid.
(3) According to the classification of coupon rate, the national debt issued by China can be divided into fixed-rate national debt and floating-rate national debt. The coupon rate of fixed-rate government bonds is determined at the time of issuance and remains unchanged during the bond's existence. The interest rate of floating-rate treasury bonds is generally determined by the market interest rate of the same term plus a fixed spread. In China's national debt market, the interest rate of floating-rate national debt is generally determined with reference to the time deposit interest rate.
(4) According to the maturity, China's national debt can be divided into short-term national debt (within 1 year), medium-term national debt (above 1 year/below1year) and long-term national debt (above1year).
Legal basis:
People's Republic of China (PRC) Securities Law
Article 2 This Law shall apply to the issuance and trading of stocks, corporate bonds and other securities legally recognized by the State Council within the territory of People's Republic of China (PRC). Matters not covered in this Law shall be governed by the Company Law of People's Republic of China (PRC) and other laws and administrative regulations. This Law shall apply to the listing and trading of government bonds and securities investment fund shares; Where other laws and administrative regulations provide otherwise, such provisions shall prevail. Measures for the administration of the issuance and trading of securities derivatives shall be formulated by the State Council in accordance with the principles of this Law.
Article 3 The issuance and trading of securities must follow the principles of openness, fairness and impartiality.
Article 4 The parties involved in securities issuance and trading activities have equal legal status and should follow the principles of voluntariness, compensation, honesty and credibility. .