(1) 1985 in order to solve the problem of insufficient credit funds of state-owned commercial banks, non-bank financial institutions such as China Industrial and Commercial Bank and China Construction Bank were approved to issue financial bonds to the public for issuing special loans, supporting the finishing work of some construction projects with products urgently needed by society and good economic benefits, and promoting their rapid completion and production. At the same time, it is stipulated that the issuance of financial bonds should follow the principle of living within our means, that is, according to the actual needs of special loans, they should be issued within the approved amount to avoid losses caused by high interest rates. This kind of financial debt continued to 1 9 9 2, and it was issued about 20 billion, and it was never issued again. The characteristic of this kind of financial bond is that it is similar to the national debt in the purpose of issuance, which is to implement the national economic policy and complete the financing task undertaken by the national fund management institution, rather than earning more profits for the financial institution itself. But in the way of issuance, it is similar to corporate bonds. It does not issue mandatory targets to all localities, nor does it do political mobilization. It relies entirely on the characteristics of financial bonds to be listed and issued.
(2) During1994, China Development Bank, The Export-Import Bank of China Agricultural Development Bank and China Agricultural Development Bank were established one after another. The capital and credit funds of these three policy banks began to be allocated by the state finance, but due to financial difficulties, they could not fully meet the needs of these three banks for capital and credit funds. The State Council approved them to issue special financial bonds to financial institutions in the inter-bank bond market. By the end of 2002, these three banks had issued 654.38+052.99 billion yuan of such financial bonds.
(3) 1997 and 1998, the People's Bank of China approved 14 financial institutions to issue 16 financial bonds successively, with a total issuance scale of 5.6 billion yuan. These financial institutions include Huaxia Securities Co., Ltd., Guotai Securities Co., Ltd., Southern Securities Co., Ltd., Guangdong Development Bank, Hainan Development Bank, Beijing Jinghua Trust and Investment Company, Zhongxing Trust and Investment Company, Hainan Huitong International Trust and Investment Company, Hainan Seg International Trust and Investment Company, Bank of China Trust and Investment Company, Hainan International Leasing Company, Xinjiang International Leasing Company, Guangdong International Trust and Investment Company Shenzhen Branch, Beijing Stone Finance Company, etc.