2025年上半年，全国发行新增地方政府债券26127亿元

National Local Government Bond Issuance - In June 2025, a total of 628.1 billion yuan in new bonds were issued, including 101 billion yuan in general bonds and 527.1 billion yuan in special bonds [1] - The total refinancing bonds issued amounted to 547.2 billion yuan, with 267.4 billion yuan in general bonds and 279.8 billion yuan in special bonds [1] - The average issuance term for local government bonds in June 2025 was 13.9 years, with general bonds averaging 9.2 years and special bonds averaging 16.0 years [1] - The average issuance interest rate for local government bonds was 1.80%, with general bonds at 1.71% and special bonds at 1.84% [1] Cumulative Issuance from January to June 2025 - From January to June 2025, a total of 2,612.7 billion yuan in new local government bonds were issued, comprising 452 billion yuan in general bonds and 2,160.7 billion yuan in special bonds [2] - The total refinancing bonds issued during this period reached 2,877.5 billion yuan, with 727.3 billion yuan in general bonds and 2,150.2 billion yuan in special bonds [2] - The cumulative issuance of local government bonds amounted to 5,490.2 billion yuan, including 1,179.3 billion yuan in general bonds and 4,310.9 billion yuan in special bonds [2] Average Terms and Interest Rates - The average issuance term for local government bonds from January to June 2025 was 15.9 years, with general bonds averaging 8.8 years and special bonds averaging 17.8 years [3] - The average interest rate for local government bonds during this period was 1.92%, with general bonds at 1.75% and special bonds at 1.96% [4] Principal Repayment and Interest Payments - From January to June 2025, local government bonds had a principal repayment of 1,076.9 billion yuan, with refinancing bonds accounting for 929.7 billion yuan and other fiscal funds for 147.2 billion yuan [5] - In June 2025, the principal repayment amounted to 472.5 billion yuan [5] - The total interest payments for local government bonds from January to June 2025 were 713.1 billion yuan, with June alone accounting for 142.2 billion yuan [6] Local Government Debt Balance - As of the end of June 2025, the average remaining term for local government bonds was 10.2 years, with general bonds at 6.0 years and special bonds at 12.2 years [7] - The average interest rate for local government bonds was 2.93%, with general bonds at 3.00% and special bonds at 2.89% [7]