截至2025年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 [1] - The refinancing bonds issued amounted to 387.8 billion yuan, with 171 billion yuan in general bonds and 216.8 billion yuan in special bonds, leading to a total issuance of 861.9 billion yuan for the month [1] - 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 [2] - The average issuance interest rate for local government bonds was 2.18%, with general bonds at 2.01% and special bonds at 2.25% [3] 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, comprising 675.8 billion yuan in general bonds and 3,685.7 billion yuan in special bonds [4] - The refinancing bonds issued during this period totaled 4,184.2 billion yuan, with 1,379.9 billion yuan in general bonds and 2,804.3 billion yuan in special bonds, resulting in a total issuance of 85,457 billion yuan [4] - The average issuance term for local government bonds during this period was 15.6 years, with general bonds averaging 8.8 years and special bonds averaging 17.8 years [5] - The average issuance interest rate for local government bonds was 1.95%, with general bonds at 1.79% and special bonds at 1.99% [6] Repayment of Principal and Interest (January to September 2025) - In the first nine months of 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 funds for 3,336 billion yuan [7] - In September alone, the principal repayment amounted to 4,108 billion yuan [7] - The total interest paid on local government bonds during this period was 11,191 billion yuan, with September's interest payment being 1,328 billion yuan [8] Local Government Debt Balance - As of the end of September 2025, the average remaining term of local government bonds was 10.5 years, with general bonds at 6.2 years and special bonds at 12.5 years [9] - The average interest rate for local government bonds was 2.86%, with general bonds at 2.92% and special bonds at 2.83% [9]