民国时期,广东政府历年税收不敷财政支出,只得乞灵于借债、发行公债库券和银行兑换券等手段,以作弥补。历届政府曾举借了巨额外债,由是常借新债以偿旧债,债台高筑,无法按期清偿。但不同时期,广东借外债的用途亦有相异。一般来讲,早期因军阀割据混战,当政者戎马倥偬,所借外债多用以弥补财政赤字,属于财政借款。而在陈济棠统治时,省内形势较为稳定,故所借外债有相当一部分是投入实业建设,性质为经济借款。 During the period of the Republic of China, the Guangdong government did not make enough tax payments over the years and had to make up for it by borrowing money, issuing bonds and bank coupons. All previous governments have borrowed a huge amount of foreign debts, often borrowing new debts to pay their debts and debts are so high that they can not pay off on schedule. But in different periods, there are also differences in the use of foreign debt by Guangdong. Generally speaking, because of the separatist warlordism in the early days, those in power were heavily armed and the borrowed foreign debt was used to make up for the fiscal deficit. This is a financial loan. While under the rule of Chen Jitang, the situation in the province is relatively stable. Therefore, a considerable part of the borrowed foreign debt is invested in industrial construction and is characterized by economic borrowing.