From 1994 we introduced the type of public debt billing. The billing of national debt is characterized by paperless national debt and the fact that investors do not receive vouchers or vouchers when they are purchased, but rather by a note on their bond accounts. Its general features are:
1. Account-keeping of national debt may be recorded and lost, issued in the form of vouchers that prevent the loss, theft and forgery of securities and are of good security;
Marketable transfers, good circulation;
3. Long-term and short-term, but more suitable for short-term public debt issues;
4. Account-keeping national debt is issued through an exchange computer network, thus reducing the cost of issuing securities;
5. Post-market prices are readily available, with the possibility of greater returns, but also with certain risks。
It is evident that public debt is characterized by low cost, good returns, good security and high liquidity。
Owing to the characteristics of the issue and transactional nature of the bill-keeping bond, it is primarily designed to address the requirements of asset preservation, value-added requirements for financially conscious individual investors, as well as institutional investors with cash management needs, which are held by investors in the seats of designated coupons, which are easy to trade, have liquidity and are not easily lost, and can also generate high profits through low-cost sales。
The three types of national debt, bearer, voucher and bookkeeping, each have its own characteristics. In terms of profitability, bearer and bookkeeping national debt is slightly better than voucher national debt, and usually bearer and billing national debt is issued at a nominal interest rate slightly higher than that of the same period. In terms of security, the voucher national debt is slightly better than the bearer national debt and the billing national debt, which is slightly better. In terms of liquidity, the billing of national debt is slightly better than the bearer national debt and the bearer national debt is slightly better than the voucher national debt。
