1993年,受“集资热、股票热、房地产热”的冲击,国债发行形势急转直下,出现了十三年来所未有的“发行难”。国债发行任务最终不得不重新采用“行政摊派”的办法。随着改革的深入,国债的筹资作用更加重要,对财政的宏观调控能力将进一步加强。国债和国债市场是新形势下财政政策与货币金融政策的重要结合点,发挥着推进财税、金 In 1993, due to the impact of “hot fund-raising, stock fever and real estate fever,” the issuance of treasury bonds soared and the problem of “issuance difficulties” appeared in the past 13 years. The final issue of government bonds has to be re-adopted “administrative apportion ” approach. With the deepening of reform, the role of government bonds in raising funds is even more important, and the ability of macro-control over finance will be further strengthened. Treasury bonds and treasury bonds market is an important combination of fiscal policy and monetary and monetary policy under the new situation. It plays a key role in advancing fiscal and taxation,