Foreign debt refers to all debts that the organs, organizations, enterprises, institutions, financial institutions or other institutions in China undertake to repay contracts to overseas international financial organizations, foreign governments, financial institutions, enterprises or other institutions, including loans from international financial organizations, loans from foreign governments, loans from foreign banks and financial institutions, buyer's credit, loans from foreign enterprises, issuance of foreign currency bonds, international financial leasing, deferred payment and direct cash repayment in compensation trade. Foreign debt According to the definitions of the International Monetary Fund and the World Bank, foreign debt is a contractual debt assumed by a country's residents to non-residents at any given time, excluding direct investment and enterprise capital. According to the definition of China's State Administration of Foreign Exchange, foreign debt refers to all debts contracted by organs, organizations, enterprises, institutions, financial institutions or other institutions in China to overseas international financial organizations, foreign governments, financial institutions, enterprises or other institutions. There are both connections and differences between foreign debt and foreign capital. As a part of foreign investment, it is essentially different from direct investment. The direct investment is repaid in the form of profit distribution. During the validity period of the contract, both parties bear the operational risks, and the foreign debt is used by the borrowing country, and the principal and interest are repaid within the prescribed time limit. In order to promote the realization of self-sustained economic growth and the coordination between foreign debt operation and foreign exchange market operation, it is imperative to adjust the foreign debt operation mechanism and strengthen foreign debt management. The broad sense of foreign debt management includes taking a series of policy adjustment measures, such as strictly controlling the disadvantages of "multi-head lending and decentralized management" in the operation of foreign debt, and controlling some departments and local governments to blindly compete for loans for local interests; Accelerate the reform of the financial system and actively cultivate domestic local and foreign currency capital markets (such as foreign currency creditor's rights market and foreign exchange fund lending market, etc.). ), reduce dependence on external funds; Establish a sinking fund; Implement full-caliber foreign debt plan management.