The development of internal debt into external debt andits issue under the guarantee of external debt is a major characteristic of government bonds issuedin Modern China .Thecause of internal and external debts is the costs and reparations of war . The modern capital imperialist aggression ,plunder and destruction resultedin a serious crisisin modernChina's economy ,leading to the financial difficulties of successive governments to the extreme .Internal and external debts were largely used to cover the huge fiscal deficit ,which concealed the deep-rooted contradictions in the operation of economy and resultedin a vicious cycleof debts .The transition of internal and external debts is a link in this vicious circle .
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金普森, 潘国旗. 论近代中国内外债的相互演变[J]. 浙江大学学报(人文社会科学版), 2010, 40(4): 78-87.
JIN Pu-Sen, BO Guo-Qi. A Discussion on the Transition of Internal and External Debts in Modern China. , 2010, 40(4): 78-87.