Sichuan Province In The Period Of The Republic Of Bond Research (1920-1941)

In the Republic of China, Sichuan provincial government had issued a large number of local bonds for arms expansion, and for the lack of administration and construction costs. Bonds in Sichuan Province since 1920 to 1941, that lasted more than 20 years. Not only the long time span of the bonds issuing, and were issued by the extremely complex social and historical background. To demonstrate the process of Sichuan Province and explore the issue of public debt bonds in Sichuan Province and the impact of socio-economic causes, this dissertation will consist of two stages, namely,1920-1934 Defense Area in Sichuan Province and 1935-1941 which political unification. Diluted in the research field of vision on the national context, more attention to local historical development; in research perspective focuses on debt issuance process, more attention to analyze the changes in revenue and expenditure mechanisms of the role of debt issuance; the exception of macro-tendency in the study, the more emphasis on public debt for the system in Sichuan Province, in-depth analysis of combing and; seek a complete picture of the complex political, economic, military and financial background, Sichuan Province, the true face of bonds issued.Due to the impact of the local political situation, Sichuan government bonds presented in the pre-release time less and the amount is small, late-intensive and a large amount; in bonds to be used for military purposes and more charges of expenses, to make up for funds to repay debt of emptiness or use, only a few lines to support local infrastructure and local economic development; way to use more in the issue of apportionment and mortgages and other compulsory way, the lack of bonds to raise voluntary; in bonds to pay on time and in full repayment of principal and interest can not, impact and damage the government credit. Bonds issued in Sichuan Province, on the one hand contribute to the melee between the warlords, the financial sector to stimulate the abnormal prosperity in Sichuan Province; the other hand, have also hindered the development of local economy, killed the industrial capital, the majority of people eventually become a heavy financial burden of excess. The positive is that, as a wartime rear area of Sichuan Province, as part of its public debt to improve local economic development, the implementation of environmental and infrastructure construction.All in all, most of these bonds were raised a mortgage from banks with heavy discount and high interest rates. But they played a certain role in stimulating the construction of local public facilities and economic development in Sichuan province. In the conclusion, I would hope the modem history of the bonds issue in Sichuan province would provide a lot of enlightenment for making present local bonds policy.