2. In Europe, the development of bills can be traced back to the Middle Ages, and merchants began to use paper bills instead of physical money to facilitate transactions. With the passage of time, there are more and more kinds and functions of bills, such as bills of exchange, checks and letters of credit. , has become an indispensable part of the modern financial system. The European bill market is developed, the bill transaction scale is huge, and the supervision and legal system of the bill market are relatively perfect.
3. In China, the development of bills was relatively late, and it didn't appear until the end of 19. At that time, foreign banks opened branches in China and began to issue bills such as bills of exchange and checks, which gradually formed the bill market in China. At the beginning of the 20th century, China government began to issue bills such as national debt and financial bonds, which laid the foundation for the development of China bill market. However, due to historical reasons and imperfect financial system, China's bill market has been in a relatively backward state for a long time.