南京国民政府自诞生之日起,就与内债结下了不解之缘。1927年5月13日发行的3000万元的“江海关二五附税国库券”与1928年1月11日发行的4000万元的“续发江海关二五附税国库券”,分别对“四一二政变”后南京政府的稳固与蒋介石下野后的复出起了强有力的支持作用。1927—1931年的短短5年间,国民政府发行的内债较之北洋政府16年的总额还多1倍左右。可以说,十年内战时期,公债政策是国民政府财政政策的基础。及抗战爆发,国民政府的内债进入了一个新的阶段。迄今为止,经济史学界对于抗战时期国民政府的内债尚无 Since its birth, the Nanjing National Government has settled its bond with the domestic debt. On May 13, 1927, issued “Jianghai Customs twenty-five Treasury Bonds” with a value of 30 million yuan and “40th Five-year Notes Treasury Bonds issued by Jiang Haiguan” issued on January 11, 1928, After the “12 coup”, the stability of the Nanjing government played a powerful supporting role in the resumption of Chiang Kai-shek’s departure from the field. In the short span of 5 years from 1927 to 1931, the national debt issued by the national government was about one-fold more than the total amount of the Beiyang government in 16 years. It can be said that during the ten-year civil war, the bond policy was the foundation of the national government’s fiscal policy. And the outbreak of the war of resistance, the national government’s domestic debt has entered a new phase. So far, the economic history scholars have no domestic debt to the Kuomintang government during the Anti-Japanese War