鑒於北京政府時期混亂的國地財政體制導致地方公債的濫發,南京國民政府建立後致力於國地收支標準的劃分,相應的地方公債制度也逐漸由粗疏趨於完善。1927—1941年期間各省發行的約80874萬元公債,有部分投入經濟建設和公共事業,大多數則用於彌補財政收支不敷。由於本期內戰亂不斷、財源有限,中央與地方同處財政收支嚴重失衡的困境,表面上日趨完備的國地收支劃分章制實際上未能完全施行,財權的實際劃分皆依中央與地方的實力而定,這種博弈在地方公債的發行、中央對省債的整理與接收等方面都清晰可見。第三次全國財政會議決議取消省級財政和地方發債權,標志著高度集權財政體制的確立,雙方的斗爭暫告結束。

Keeping in mind the over-issue of local government bonds caused by the dysfunctional national and local fiscal systems under the Beiyang government,once the Nationalist Government took power in Nanjing it concentrated on the division of revenue and expenditure standards for the central and the local governments.This resulted in a gradual improvement in the system of local government bonds.Between 1927 and 1941,total government bonds issued by all provinces amounted to around 808.74 million yuan.Some of this was invested in economic development and public undertakings,but most went to shoring up local government deficits.However,since both the center and local governments were confronted by constant warfare and limited sources of revenue,both levels of government faced mounting deficits.The apparent success of the system for division of revenue and expenditure was belied by its failure to be fully implemented.The actual division of fiscal power depended entirely on the relative strength of the central and local governments.This kind of gaming can be clearly seen in the issuance of local government bonds and the center's management and reception of these bonds.The Third National Financial Conference resolved to do away with provincial level finance and local governments' right to issue bonds.This marked the establishment of a highly centralized financial system and a temporary halt to the struggle between central and local governments.