National debt:
National debt, also known as national debt, is a creditor-debtor relationship formed by the state issuing bonds to raise funds to the society based on its credit and in accordance with the general principles of bonds. National debt is a kind of bond issued by relevant departments to raise financial funds. It is a creditor's rights and debt certificate issued by the relevant departments to investors, promising to pay interest and repay the principal within a certain period of time. Because the issuer of national debt is the country, it has the highest credit and is recognized as the safest investment tool.
On June 15, 2020, the Ministry of Finance issued a notice, which made it clear that in order to raise financial funds, promote epidemic prevention and control and overall economic and social development, it was decided to issue special anti-epidemic bonds in 2020 (Phase I) and special anti-epidemic bonds in 2020 (Phase II).
National debt is a special form of debt, which has the following characteristics compared with the general creditor-debtor relationship:
From the subject of legal relationship:
The creditors of national debt can be citizens, legal persons or other organizations at home and abroad, or the relevant departments of a country or region and international financial organizations, while the debtors can only be countries.
From the nature of legal relationship:
The occurrence, change and elimination of the legal relationship of national debt mostly reflect the unilateral will of the state. Although the legal relationship of national debt is equal to other financial legal relationships, it shows a certain subordinate relationship compared with the general creditor-debtor relationship, which is more obvious in the legal relationship of domestic debt.
From the realization of legal relationship:
National debt is the creditor-debtor relationship with the highest credit rating and the best security.
From the debtor's perspective:
National debt is voluntary, paid and flexible.
From the creditor's point of view:
National debt has the characteristics of security, profitability and liquidity.