《财政研究》1991年第3期刊登的黄敏、徐开东同志撰写的《从透视国债运行机制看国债制度的创新》一文(以下简称黄、徐一文),通过分析现行国债运行机制,提出了诸多有价值的完善国债制度的构想.如建立新的国债发行市场,完善证券交易市场等,其操作都具有一定的可行性.但在有关国债运行中财政、货币政策相互协调配合问题上,笔者与黄、徐一文的观点实难苟同,愿就此与其商榷. Huang Min and Xu Kaidong published “Financial Research”, No. 3, 1991, entitled “From the perspective of the operational mechanism of treasury bonds to innovate the system of treasury bonds” (hereinafter referred to as Huang and Xu Yiwen). By analyzing the operating mechanism of the current treasury bonds, many proposals were made Valuable to improve the concept of national debt system.If the establishment of a new bond issue market, improve the securities trading market, its operation has a certain feasibility.However, in the operation of national debt in the fiscal and monetary policy coordination, the author and Huang, Xu Yi-wen’s view is hard to agree, is willing to discuss with them.