Study On The Chihli Province' Goverment Bond In Beijing National Goverment Period

Bonds,also known as public debt,is a form of compensation for the government and government agencies to raise funds and earn income at home and abroad in the form of credit.According to the creditors,can be divided into overseas debt(foreign bonds)and domestic debt.According to different levels of government bonds,it can be divided into cetral goverment bonds and local goverment bonds.As an important part of government finance,public debt has the function of raising funds and adjusting social resources.The Chinese local goverment bonds began in the late Qing Dynasty.Because of war reparations and the New Deal,the government's need for a lot of money was very urgent in the modern times,so China imitated of the west to issue bonds.Chihli local bonds is the earliest Chinese local debt in 1905.Chihli Province due to lack of funds in training the new army,Chihli governor Yuan Shikai issued the first Chihli local bonds.The bond's regulations were detailed and made history,which had an important influence on the other public debt in the late Qing Dynasty and the Republic of China.Hubei Province,and Anhui Province followed Chihli Province government to issus bonds.When enter the Republic of China,Yuan Shikai controlled the Beijing government,Chihli Province is also in control of Yuan Shikai to supply the Beijing goverment.before Yuan Shikai's death,Chihli Province never issued local government bonds.1916,after the death of Yuan Shikai,the warlords confused fighting,the regime frequently changed.During this period,the power of local government bonds rose,local government issued a lot of debt.In this period,Chihli Province also issued a lot of debt,but because of poor credit,it basically have not achieved the desired effect.The Chihli's Bonefit Bonds,which is a typical example,the bonds planed to loan for conversion of exchequer Chihli's fifth bonds and other bonds,but it eventually is modified to The Chihli's Bonefit Bonds because of the different forces' wrestling.In 1926,Zhu Yupu became the governor of Chihli,he issued the Chihli's sixth bonds and anther two bonds,.In this periods,Chihli Province iussed lots of bonds in a short time.It can be said the local bonds completely reduced to Zhu Yupu's means to amassed military during this period.