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1981～1991年,我国累计发行各类国债1300多亿元,并从1988年开始,在全国61个大中城市开展了国债转让业务,累计交易量达400多亿元。但是,目前我国的国债交易市场还不健全,其作用尚未充分发挥。当前制约流通市场正常运行的因素:一是国债流通市场的开放还不普遍,缺乏遍布全国城乡的交易网络;二是区域间的国债交易不活跃,各类债券的平均价格难以形成,容易被非法投机者钻空子;三是广大农村缺乏国债交易的场所,农民手持国债无法随时变现;四是证券交易无法可依,持券人的利益往往受到损害。因此,进一步完善国债交易市场,使之走上法制化、规范化的发展道路,已成为当务之急。
From 1981 to 1991, China issued a total of more than 130 billion yuan of various types of government bonds, and from 1988 onwards, it carried out treasury bond transfer business in 61 large and medium-sized cities across the country with a total volume of over 400 billion yuan. However, at present, China’s national debt trading market is still not perfect, and its role has not yet been brought into full play. At present, the factors restricting the normal operation of the circulation market are as follows: First, the opening up of the circulation market for treasury bonds is not yet widespread and there is a lack of trading networks throughout the country; second, the treasury bonds between regions are not actively traded and the average prices of various types of bonds are hard to be formed; Speculators loopholes; Third, the vast majority of rural areas lack the bond transactions, peasants holding government bonds can not be realized at any time; Fourth, securities transactions can not be dependent on the interests of holders of securities are often undermined. Therefore, it is imperative to further improve the trading market of national debts so that they can be put on a legal and standardized path of development.