Group 1 - The total issuance of new local government bonds in China for the year 2025 is 53,817 billion RMB, consisting of 7,740 billion RMB in general bonds and 46,077 billion RMB in special bonds [1] - The total refinancing bonds issued nationwide amount to 49,284 billion RMB, leading to a combined total of 103,101 billion RMB in local government bonds issued [1] - The average issuance term for local government bonds is 15.4 years, with general bonds averaging 8.8 years and special bonds averaging 17.6 years [1] Group 2 - The average interest rate for local government bonds is 1.97%, with general bonds at 1.83% and special bonds at 2.02% [1] - By the end of December 2025, the total local government debt balance is 548,231 billion RMB, which includes 175,120 billion RMB in general debt and 373,111 billion RMB in special debt [1] - The remaining average maturity of local government bonds is 10.5 years, with general bonds at 6.1 years and special bonds at 12.5 years, and the average interest rate is 2.83% [2]
2025年中国发行地方政府债券合计103101亿元
Zhong Guo Xin Wen Wang·2026-01-31 02:56