The Government Public Bonds For Construction Sales Research In 1954

The Government Public Bonds for Construction was the first phase of the second public bond issued after the founding of New China,which was different from the People’s Victory Discount Bond issued in 1950,although the public bond was a monetary bond,it could not circulate in the market.The primary purpose of the issuance is to absorb the idle funds of the masses of the people and raise funds for the "First Five-Year Plan" for socialist industrialization.In order to ensure the smooth issuance of public bonds,the central government has formulated a series of policies.In terms of issuance policy,the amount of 6 trillion yuan of public bonds has been implemented in various regions,cities and counties through distribution,and the amount of public bonds between urban and rural areas and different industries has been shared according to their own economic capabilities.More detailed provisions have been made on the way of subscription and payment in different industries to ensure the rationality of the public debt policy.In the repayment of public debt,the principal and interest payments are carried out by lottery,which ensures the fairness of repayment.The more humane exchange policy has ensured the interests of the people to the greatest extent and won the recognition of the masses.The successive introduction of these policies has become an important cornerstone for the smooth promotion of public bonds.The promotion of public bonds in Wuhan is divided into three stages,and January 1954 is the preparatory stage for the promotion of public bonds.The Wuhan Municipal Public Bond Promotion Committee has a preliminary understanding of the basic economic situation of the city through the investigation,and the subscription amount determined on this basis is more reasonable and more acceptable to all walks of life.After the completion of the preparatory stage,the various industries quickly entered the subscription stage,which is the second stage of the promotion of public bonds.In this public bond promotion,Wuhan undertook 78.4 billion yuan of sales tasks,most of which were undertaken by private industrial and commercial enterprises.In order to ensure the rapid completion of the subscription,Wuhan actively mobilized the masses to subscribe to public bonds by means of political mobilization.Through the public debt sales committees at all levels and the original party and government organization system of the CPC,top-down organizational mobilization has been realized,and many people at this organizational level have been mobilized to buy public bonds.Through newspapers,periodicals,slogans and other means,Wuhan has popularized and publicized the task of public debt,so that many people who cannot take into account the organizational system can understand the situation of public debt.Stimulated by patriotism,he was able to actively participate in the subscription and over-completed the subscription task.The third stage of public bond promotion in Wuhan is the payment stage.Unlike the high enthusiasm in the subscription stage,the payment stage presents a different aspect.From March to December,the payment was still not fully completed,a long process far beyond Wuhan’s original plan,so that Wuhan had to adjust the deadline and plan for payment several times.Especially in the case of flood disasters,the attitude of private industry and businessmen to public debt is more complicated,and behind this is the complex feelings of all sectors of society about the country.Wuhan’s public debt has finally achieved over-completion,which is a microcosm of the over-completion of the national public debt.Relevant funds were used for the construction of the "First Five-Year Plan",and the development of industrialization brought convenience to the people and deepened people’s yearning for socialist society.However,there have been many cases in the process that run counter to the original intentions of policymakers.Although the national economic construction bonds are different in purpose from the victory discount public bonds,they still continue the traditional mobilization path in form.Through its strong mobilization ability,the new Chinese government has stimulated the patriotic enthusiasm of the masses.The effect is remarkable,but it is the continuation of the traditional path that apportionment and competition have become unavoidable problems in the promotion of public bonds.This has seriously affected the people’s views on public bonds,and it is bound to have a negative impact on the issuance of subsequent public bonds by the state.