Abstract: The second phase of public bond in the Central Soviet Area is the second phase of government bond issued by the Chinese Soviet Republic in order to enrich the funds for the revolutionary war. During the course of the issuance of the public debt, the Provisional Central Government formulated detailed government bond policies, including the basic conditions, the specific way of bond issuing, the way of mobilization, the repayment policy and so on. The formulation and implementation of the “second-phase public bond” policy played a very important role in raising revolutionary war funds for the Central Soviet Area, alleviating the serious financial pressure on the Soviet Area, and striving for the victory of the revolutionary war. Today it can also provide useful enlightenment and references to us.

Key words: Central Soviet Area; second-phase bond; issuance policy