On this day, 76 years ago, on December 2, 1949 (October 13, 1949 in the lunar calendar), the central government decided to issue People's Victory Bonds. The situation of Shanghai citizens purchasing public bonds in 1950 On December 2, 1949, with the victory of the People's War, vast areas were liberated, which greatly increased the government's fiscal expenditure, but fiscal revenue could not keep up with expenditure needs. In order to overcome this difficulty, the Central People's Government held the fourth meeting. The meeting decided to issue People's Victory Converted Bonds in 1950 to make up for the annual fiscal deficit. Based on this, the State Council issued the "Instructions on Issuing the First Issue of People's Victory Bonds in 1950." The collection and principal and interest repayment of this batch of bonds are calculated based on physical objects, and the unit is named "fen"(the physical objects contained in each penny are: 6 kilograms of rice, 1.5 kilograms of processed flour, 4 kilograms of white fine cloth, and 16 kilograms of coal). The total amount of public bonds was 200 million cents, which were issued in installments throughout 1950. The bonds are repaid over five years with an annual interest rate of 5%. It was decided to issue the first issue of public bonds starting from January 5, 1950, with a total amount of 100 million cents. The State Council stipulated that the sales targets of public bonds should be urban industrial and commercial operators, urban and rural households, and wealthy officials.