自新中国建立以来一中国国债理论的发展经历厂较大的飞跃：从视国债为纯粹的财政筹资工具转变为注重国债投资获利的金融特性、进而充当今后金融调控的工具。与此同时．国债政策则经历了一次由改革原有的以计划性为特征的国债制度到建立市场化的国债体制的过程。一、新中国建立 Since the founding of New China, a tremendous leap forward in the development of China’s national debt theory has been seen from changing from treasury bonds as a purely fiscal financing tool to a financial asset that pays attention to the profitability of treasury bonds investment, which in turn serves as a tool for financial regulation and control in the future. at the same time. Treasury policy went through a process of reforming the original treasury bond system characterized by planning to establishing a market-oriented treasury bond system. First, the establishment of new China