财政部：1～8月全国发行新增地方政府债券38874亿元

Core Insights - The Ministry of Finance disclosed the issuance and debt balance of local government bonds for August 2025, indicating a total issuance of 980.1 billion yuan, with general bonds at 305.6 billion yuan and special bonds at 674.5 billion yuan [1] Summary by Category Bond Issuance - In August 2025, new local government bonds issued totaled 571.5 billion yuan, comprising 82.5 billion yuan in general bonds and 489 billion yuan in special bonds [1] - The refinancing bonds issued amounted to 408.6 billion yuan, with 223.1 billion yuan in general bonds and 185.5 billion yuan in special bonds [1] Average Terms and Rates - The average issuance term for local government bonds in August 2025 was 14.4 years, with general bonds averaging 8.9 years and special bonds 16.8 years [1] - The average issuance interest rate for local government bonds was 2.04%, with general bonds at 1.89% and special bonds at 2.11% [1] Cumulative Data for 2025 - From January to August 2025, a total of 38,874 billion yuan in new local government bonds was issued, including 6,208 billion yuan in general bonds and 32,666 billion yuan in special bonds [2] - The total refinancing bonds issued during this period reached 37,964 billion yuan, with 12,089 billion yuan in general bonds and 25,875 billion yuan in special bonds [2] Debt Repayment and Interest Payments - For the first eight months of 2025, local government bonds had a principal repayment of 19,755 billion yuan, with 17,027 billion yuan from refinancing bonds and 2,728 billion yuan from other fiscal arrangements [3] - In August 2025, the interest paid on local government bonds was 1,549 billion yuan, contributing to a total interest payment of 9,863 billion yuan for the year to date [4] Debt Limits and Balances - The national local government debt limit for 2025 was approved at 579,874.3 billion yuan, with general debt at 180,689.22 billion yuan and special debt at 399,185.08 billion yuan [4] - As of the end of August 2025, the total local government debt balance was 532,484 billion yuan, including 172,728 billion yuan in general debt and 359,756 billion yuan in special debt [4]