The first stage (1950- 1958):
After the founding of New China, 1950 issued the "People's Victory Discounted Bond", which became the first national bond in the history of New China. In the following "First Five-Year Plan" period, another issue of "National Economic Construction Bond" will be issued every year between 1954- 1958, with a total issuance of 3.544 billion yuan, equivalent to 4.1%of the total national budget economic construction expenditure of 86.224 billion yuan in the same period.
After 1958, due to historical reasons, the issuance of national debt was terminated.
The second stage (198 1 till now):
China resumed issuing government bonds on 198 1, and the development of the government bond market today can be subdivided into several specific stages.
During the period of 198 1- 1987, the average annual issuance scale of government bonds was only 5.95 billion yuan, and the issuance date was also concentrated in 1+0 every year. During this period, there was no primary market and secondary market for national debt, and the issuance of national debt was in the form of administrative apportionment for state-owned units and individuals, with different interest rates. The annual interest rate of national debt subscribed by individuals is four percentage points higher than that subscribed by units. The types of bonds are relatively simple. Except for the 3-year key construction bonds of 5.4 billion yuan issued by 1987, they are all medium-term and long-term government bonds of 5-9 years.
During the period of 1988- 1993, the annual issuance scale of national bonds was expanded to 28.4 billion yuan, and new varieties of national construction bonds, financial bonds, special bonds and value-added bonds were added. 1988, the state conducted a pilot project on the circulation and transfer of government bonds in 6 1 city in two batches, initially forming an OTC market for government bonds. After 1990, the national debt began to be traded on the exchange, forming an on-site trading market for national debt. In that year, the transaction volume of national debt accounted for more than 80% of the total securities transaction amount1200 million yuan. 199 1 year, China began to try out the underwriting of national debt issuance; 1993, 10 and 12, the Shanghai Stock Exchange officially launched two innovative varieties of treasury bonds futures and repurchase.
65438-0994, the Ministry of Finance issued the first half-year and one-year short-term treasury bonds. During the period of 1995, the secondary market of national debt was active, especially the trading volume of futures broke records. However, the "March 27" incident, debt chain repurchase and other illegal events frequently appeared, forcing the futures trading of government bonds to be suspended in May.
There have been some new changes in the national debt market from 65438 to 0996. First, the Ministry of Finance reformed the centralized issuance of national debt into monthly rolling issuance, which increased the frequency of national debt issuance; Secondly, the variety of national debt is diversified. For the first time, at discount's short-term national debt was added, and the national debt with a minimum maturity of three months was added. For the first time, 10 and 7-year interest-bearing national debt were issued, with annual interest. Third, on the basis of underwriting, eight kinds of government bonds that can be listed are issued by tender with the price (yield) or payment period as the target; Fourth, the treasury bonds issued in that year were mainly book-entry treasury bonds, and the paperless treasury bonds were gradually realized.
After 1996, the trading volume of the national debt market declined. At the same time, there have been changes in the national bond market, such as the centralization of custody and the separation of the inter-bank bond market from the non-bank bond market, showing a "three-legged" situation in the national inter-bank bond trading market, the Shenzhen-Shanghai Stock Exchange bond market and the OTC bond market.
References:
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