晚清、北洋时期的国内公债论略

On the Internal Debt of the Late Qing Dynasty and the Northern Warlords Government

近代中国国内公债的产生和发展都与战争、军事有关。晚清政府和北洋政府所发行的大量公债,未能充分发挥其稳定财政、调剂金融、促进国民经济发展的应有作用。同时,晚清和北洋时期所发行的内债也有一定的积极意义和进步性。近代中国国内公债史给我们提供了以下启示:第一,国内公债问题不单纯是一个借钱还钱的问题,它与财政经济和社会政治等各方面的问题紧密相关;第二,必须将公债真正用于社会必需的经济建设上,使债务的偿还有坚实的基础;第三,国内公债还有个适度规模的问题,如果内债规模一旦超过国家财力的承受能力就会发生财政危机,国计民生皆受其弊。

The issuance and development of Modern China＇s internal debt was related with wars and military affairs.The late Qing government and the Northern Warlords government issued large numbers of government bonds which failed to play a proper role in ensuring financial stability,adjusting finance and promoting the development of national economy.Nevertheless,however,the domestic debt bonds issued by the late Qing government and Northern Warlords government did show some positive significance.The Modern Chinese history of internal debt provides the following references： Firstly,the domestic public debt is not simply a credit-and-debit problem,but closely involved with all the aspects of finance,economy,society,and politics.Secondly,the bonds must be used for the economic construction necessary for the society,which constitutes the solid foundation for repaying the public debt.Last but not least,domestic public bonds should have an appropriate scale and scientific management.If the internal debt is improperly used,and the scale and management are uncontrolled,it would cause a financial crisis.