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旧中国是一个被帝国主义封建主义官僚资本主义所统治的半殖民地半封建的中国,旧中国这种半殖民地半封建的性质,也很突出地表现在它的财政制度上。反动统治阶级对於中国广大人民的剥削,除了横徵暴歛的苛捐雜税以外,濫发公债和通货膨胀是中国军阀官僚贾辦资产阶级搜括掠夺的重要方法之一,同时这也是对劳动人民一种最隐蔽而又最残酷的剥削方式。所以研究一下旧中国发行公债的历史过程和它的影响,对於我们瞭解旧中国的社会经济结构是有它一定的意义的。
Old China was a semi-colonial and semi-feudal China ruled by imperialist feudal bureaucratic capitalism. The semi-colonial and semi-feudal nature of old China was also prominently shown in its fiscal system. The reaction of the reactionary ruling class to the exploitation of the vast majority of the Chinese people, in addition to exasperating exactions and levies and miscellaneous taxes, indiscriminate issuance of bonds and inflation are one of the important methods used by the Chinese warlord bureaucrats to prevent the bourgeoisie from plundering and plundering. At the same time, this is also a measure of labor The most concealed and cruel way of exploitation for the people. Therefore, to study the historical process of the old debt issuance in China and its influence has a certain meaning for us to understand the social and economic structure of old China.