Urban investment bonds: Generally speaking, compared with industrial bonds, they are mainly issued for investment purposes such as urban infrastructure. Urban investment bonds, also known as "quasi-municipal bonds", are local investment and financing platforms for publicly issuing corporate bonds and medium-term notes, and their main businesses are mostly local infrastructure construction or public welfare projects.

Municipal bonds: refers to the securities issued by local governments or their authorized institutions, and the funds raised are used for the construction of municipal infrastructure and social welfare projects. Municipal bonds originated in the United States in the 1920s, from 65438 to 2009. At that time, urban construction needed a lot of money, and local government departments began to raise funds by issuing municipal bonds. Since 1970s, municipal bonds have gradually appeared in some countries in the world.

Local government bonds: refers to the bonds issued by local governments and local public institutions in a country with fiscal revenue. Local government bonds are generally used for the construction of local public facilities such as transportation, communication, housing, education, hospitals and sewage treatment systems. Local government bonds generally take the tax capacity of local governments as the guarantee for repayment of principal and interest. There are two modes of local bond issuance. The first mode is that local governments issue bonds directly. The second is that the central government issues treasury bonds and then lends them to local governments, that is, the central government issues treasury bonds for local use. Under certain circumstances, local government bonds are also called "municipal bonds".

Public debt: refers to a formatted creditor's rights and debt certificate issued by the government to investors in order to raise financial funds according to certain procedures, and promises to pay interest and repay the principal within a certain period of time. Public debt is the general name of government loans at all levels, a special form of government revenue, the main form of government credit or financial credit, and an important macro-control means that the government can use.

Government bonds: debt certificates issued by the state to investors to raise funds and promise to pay interest and repay the principal within a certain period of time. The main borrower of government bonds is the state. According to the different issuers of government bonds, they can be divided into central government bonds and local government bonds. Among them, the bonds issued by the central government are called national debt.