Abstract: In 1958 the Central Committee of the CPC formally decided that government bonds for economic construction would be replaced by local bonds. From 1959 to 1961,the seven provinces of Sichuan, Heilongjiang, Anhui, Fujian, Liaoning, Jilin, and Jiangxi, according to their respective situations and needs, issued a number of local economic construction bonds. This was the first time there was a focus on the issuance of local bonds, and it played a positive role in mobilizing socialist construction funds and accelerating local industrial and agricultural production and construction. This article analyzes the local bonds issued by the provinces, examines their marketing and repayment situations, and then briefly evaluates the characteristics and role of local public debt.
The Chinese version appeared in CPC History Studies, 2017(04).