The first issue is at 1998, aiming at boosting bank capital after the Asian financial crisis.

The second problem is that in 2007, against the background of the rapid expansion of foreign exchange reserves. The raised funds of 1.55 trillion yuan were used to purchase equivalent foreign exchange from the People's Bank of China and set up China Investment Corporation.

The third phase was in 20 17, but it only extended the term of special national debt in 2007.

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