汇丰台防借款与近代中国外债模式的确立

HSBC's Eight Percent Loan to China in 1874 and the Establishment of Foreign Debt Management Framework in Modern China

1874年的八厘台防借款,是汇丰银行首次承借的中国国债。汇丰银行首先垫付银200万两的借款,然后在国际金融市场上出售“中国国债债券”筹集资金,将中国国债与国际金融市场联结起来。银行利用成熟的发行程序,顺利销售债券,为投资人带来收益。中国海关总税务司在总理衙门的指令之下,为偿还国债进行担保,保障了债券按期还本付息,中国国债的市场信用也由此开始建立。为保障英资银行的利益,英国驻华公使主动过问中国外债。从此,汇丰银行、中国海关总税务司、英国驻华公使都卷入中国国债事务。台防借款遂确立了此后近代中国外债的基本模式。

The Chinese Imperial Government Eight Percent Loan of 1874 marked the first foreign loan undertaken by the Hong Kong and Shanghai Banking Corporation(HSBC)on behalf of the Chinese government.Initially,HSBC provided a loan of 2 million taels of silver to the Chinese government before publicly issuing Chinese government bonds in the international financial market to raise funds,effectively linking Chinese treasury bonds with the global financial market.Fllowing established bond issuance procedures,HSBC successfully marketed these bonds,delivering favorable returns to investors.To ensure prompt repayment of both principal and interest on the bonds,the Imperial Maritime Customs Service,under the auspices of Zongli yamen,which acted as the Chinese foreign office,provided guarantees for the HSBC loan.This not only secured the repayment commitments but also strengthened China's creditworthiness in the international financial market.In order to safeguard the interests of British investors,the British ambassador to China devoted considerable attention to China's foreign loans.Subsequently,HSBC,the Imperial Maritime Customs Service,and the British ambassador to China were all involved in issues related to China's foreign debts.HSBC's Eight Percent Loan to China in 1874 set a precedent,based on which the fundamental framework for managing foreign debts later took shape in modern China.