‘债券’ (zhài quàn) is a financial instrument representing a loan made by an investor to a borrower—typically a government or corporation. The character ‘债’ means ‘debt’ or ‘loan,’ reflecting the obligation to repay; ‘券’ originally referred to a written document or voucher, and here signifies a formal, negotiable certificate. Together, they denote a debt security that pays periodic interest and returns the principal at maturity.

This term is used exclusively in formal financial contexts—not in everyday casual speech—and appears frequently in news reports, investment brochures, and economic policy discussions. Bonds are considered relatively low-risk investments compared to stocks, and Chinese bonds include government-issued treasury bonds (国债), municipal bonds, and corporate bonds (企业债券). Understanding ‘债券’ is essential for discussing personal finance, macroeconomic trends, or capital markets in Chinese.