Summary of Key Points Core Viewpoint - The Ministry of Finance reported on the issuance and debt balance of local government bonds for August 2025, highlighting significant figures in both new bond issuance and refinancing activities [1][2]. Issuance Situation - In August 2025, a total of 571.5 billion yuan in new local government bonds was issued, comprising 82.5 billion yuan in general bonds and 489 billion yuan in special bonds [2]. - The total issuance of refinancing bonds reached 408.6 billion yuan, with 223.1 billion yuan in general bonds and 185.5 billion yuan in special bonds, leading to a cumulative issuance of 980.1 billion yuan in local government bonds for the month [2]. - The average issuance term for local government bonds was 14.4 years, with general bonds averaging 8.9 years and special bonds averaging 16.8 years [2][5]. Interest Rates - The average issuance interest rate for local government bonds in August 2025 was 2.04%, with general bonds at 1.89% and special bonds at 2.11% [3]. Year-to-Date Issuance - 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 [4]. - The total refinancing bonds issued during this period amounted to 37,964 billion yuan, with general bonds at 12,089 billion yuan and special bonds at 25,875 billion yuan, resulting in a total issuance of 76,838 billion yuan [4]. - The average issuance term for bonds in this period was 15.5 years, with general bonds averaging 8.8 years and special bonds averaging 17.6 years [5]. Debt Repayment - In the first eight months of 2025, local government bonds had a principal repayment of 19,755 billion yuan, with refinancing bonds accounting for 17,027 billion yuan and other fiscal arrangements for 2,728 billion yuan [7]. - In August alone, the principal repayment was 4,975 billion yuan [7]. Interest Payments - A total of 9,863 billion yuan in interest was paid on local government bonds from January to August 2025, with 1,549 billion yuan paid in August [8]. Debt Balance - As of the end of August 2025, the total local government debt balance was 532,484 billion yuan, with general debt at 172,728 billion yuan and special debt at 359,756 billion yuan [9]. - The average remaining term for local government bonds was 10.4 years, with general bonds at 6.1 years and special bonds at 12.4 years, and the average interest rate was 2.88% [9].
财政部：8月全国发行新增地方政府债券5715亿元
Zhong Guo Xin Wen Wang·2025-09-29 05:55