Issuers mainly include the following four categories: a. government. The central government issues treasury bonds, fiscal bonds and national key construction bonds in the securities market to make up the fiscal deficit or raise funds needed for economic construction. These are national bonds. Local governments can issue local government bonds for the construction of local public utilities. At present, China prohibits local governments from issuing bonds. B. joint-stock companies. For a joint stock limited company in preparation, the purpose of issuing shares is to reach the statutory registered capital and set up a company; For established joint stock limited companies, the purpose of issuing stocks and bonds is to expand the sources of funds and meet the needs of production and operation development. C. financial institutions. Commercial banks, policy banks and non-bank financial institutions may issue financial bonds to the public upon approval in order to raise funds. D. enterprise. Enterprises that are not joint-stock companies may, after approval, issue corporate bonds in the securities market to raise funds.