国债与企业债的风险差异体现在哪？

Group 1 - The core difference between government bonds and corporate bonds lies in their credit risk, with government bonds relying on the country's economic strength and fiscal stability, while corporate bonds depend on the issuing company's operational capability and financial health [1] - Government bonds have a high reliability in repayment due to stable sources of fiscal revenue, while corporate bonds face repayment risks if the issuing company experiences operational losses or cash flow issues [1] - Historically, government bonds have maintained a very low default record globally, with no defaults reported in China since their issuance, contrasting with corporate bonds that have varying default risks based on the issuer's credit rating [1] Group 2 - Government bonds enjoy high credit ratings and market acceptance, leading to high trading activity and liquidity in the secondary market, while corporate bonds' liquidity varies based on credit ratings and issuance scale [2] - Economic downturns significantly increase operational pressures on companies, raising the credit risk of corporate bonds, whereas government bonds are less affected by economic fluctuations and serve as a risk-averse investment choice [2]