前10月地方政府发债同比增23%

Core Insights - The total issuance of local government bonds in China reached approximately 91,062 billion yuan in the first ten months of this year, marking a year-on-year increase of about 23% [1] - The issuance scale of over 90 trillion yuan is the highest for the same period in history, reflecting a more proactive fiscal policy aimed at promoting economic stability [1] - Local government bond issuance accelerated significantly in the first half of the year, but has shown a downward trend since July, with October's issuance at around 5,600 billion yuan, only slightly higher than January's issuance [1] - The overall work on local government bond issuance is nearing completion [1]