In the financial market, generally speaking, enterprises refer to non-financial institutions, in order to facilitate the distinction. Financial bonds refer to bonds issued by financial institutions, and the examination and approval department is the CBRC; Corporate bonds refer to bonds issued by non-listed companies, and the examination and approval department is the National Development and Reform Commission. From the product characteristics, all belong to "corporate debt" (corporate
Bonds). However, due to different operations and issuers, people still talk separately.