National Debts Management (NDM) ability to regulate the macroeconomy shows a positive correlation with the scale of national debts because NDM activities are preconditioned by a large number of national debts in society. NDM as a macro-control means it plays its role in economic activities by exerting a liquidity effect and interest rate effect. Liquidity effect of NDM means the effect on the liquidity of the whole society by regulating the degree of national debts liquidity to exert an expansionary or contractionary effect on total social demand. The interest effect of NDM means the rise and fall of interest rates on the financial market as a result of regulating the issuance of national debts or the level of actual interest rates so that total social demand will be subject to expansionary or contractionary policy. Fundamentally, the effect of NDM on macroeconomic regulation can be identified in the analysis of its similarities to and differences from other means of macroeconomic regulation.