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一、要改革国债的发行方式,进一步扩大国债的经济发行。多年来,我国主要是依靠行政手段发行国债的。国内外的实践经验证明,这种发行方式有碍于国债证券进入市场,不便使国债发行成为真正意义上的筹资行为和投资者的投资行为。在国债发行和购买之间,筹资者与投资者的法律地位应是完全平等的,两者不是行政上的从属关系,而是一种体现债权、债务的契约关系。因此,国债发行必须建立在投资自愿的基础之上,建立在一种契约关系之上。我国去年实行承购包销试点的成功经验表明,目前我国国债已逐步具备部分实行经济手段发行的条件。(1)从1988年开始,国家开放了国债流通转让的二级市场,三年来的市场运行,理顺了市场机制,
First, we must reform the issuance of treasury bonds to further expand the economic issue of treasury bonds. Over the years, our country mainly relied on administrative means to issue treasury bonds. Practical experience both at home and abroad proves that this mode of issuance impedes the entry of treasury bonds into the market and makes the issuance of treasury bonds a real act of fundraising and investor investment. Between the issuance and purchase of treasury bonds, the legal status of financiers and investors should be completely equal. The two are not administrative affiliation, but a kind of contractual relationship embodying claims and debts. Therefore, the issue of government bonds must be based on voluntary investment, based on a contractual relationship. The successful experience of China in carrying out the underwriting of pilot projects last year shows that at present the conditions for the issuance of some economic instruments are gradually being applied to our national bonds. (1) Since 1988, the state has opened up the secondary market for the circulation and transfer of government bonds. The market operation in the past three years has straightened out the market mechanism,