截至9月末全国地方政府债务余额536995亿元

National Local Government Bond Issuance - In September 2025, a total of 474.1 billion yuan in new bonds were issued, including 55 billion yuan in general bonds and 419.1 billion yuan in special bonds [3] - The total issuance of refinancing bonds reached 387.8 billion yuan, comprising 171 billion yuan in general bonds and 216.8 billion yuan in special bonds, leading to a combined total of 861.9 billion yuan in local government bonds for the month [3] - The average issuance term for local government bonds in September was 16.8 years, with general bonds averaging 8.4 years and special bonds averaging 19.8 years [4] Average Issuance Rate - The average issuance interest rate for local government bonds in September was 2.18%, with general bonds at 2.01% and special bonds at 2.25% [5] Year-to-Date Issuance (January to September 2025) - From January to September 2025, a total of 4,361.5 billion yuan in new local government bonds were issued, including 675.8 billion yuan in general bonds and 3,685.7 billion yuan in special bonds [6] - The total refinancing bonds issued during this period amounted to 41,842 billion yuan, with general bonds at 13,799 billion yuan and special bonds at 28,043 billion yuan, resulting in a cumulative total of 85,457 billion yuan in local government bonds [6] - The average issuance term for local government bonds from January to September was 15.6 years, with general bonds averaging 8.8 years and special bonds averaging 17.8 years [7] Average Interest Rate Year-to-Date - The average interest rate for local government bonds from January to September was 1.95%, with general bonds at 1.79% and special bonds at 1.99% [8] Principal Repayment and Interest Payments - From January to September 2025, local government bonds had a principal repayment of 23,863 billion yuan, with refinancing bonds accounting for 20,527 billion yuan and other fiscal arrangements for 3,336 billion yuan [9] - In September alone, the principal repayment amounted to 4,108 billion yuan, while interest payments for local government bonds totaled 11,191 billion yuan for the year-to-date, with September's interest payments at 1,328 billion yuan [10] Local Government Debt Balance - As of the end of September 2025, the total local government debt balance was 536,995 billion yuan, with general debt at 173,119 billion yuan and special debt at 363,876 billion yuan [11] - The total government bonds stood at 535,360 billion yuan, with non-government bond forms of government debt at 1,635 billion yuan [11] - The average remaining term for local government bonds was 10.5 years, with general bonds at 6.2 years and special bonds at 12.5 years, and the average interest rate was 2.86%, with general bonds at 2.92% and special bonds at 2.83% [11]