为了稳投资、防风险，地方政府依法举债规模继续创新高，但发行接近尾声，举债增速逐步回落。 根据财政部及机构数据，今年前三季度全国发行地方政府债券合计约8.54万亿元，同比增长约27%。 目前地方政府合法借钱渠道基本来自发行地方政府债券，为了稳经济，今年更加积极的财政政策靠前发 力，地方政府发债进度明显快于去年。这也体现在今年前三季度地方发债借钱规模创新高，且保持两位 数增速。 今年以来地方借钱规模并不小。 财政部数据显示，今年前8个月地方政府广义财政收入（即地方一般公共预算本级收入和地方政府性基 金预算本级收入之和）约10.75万亿元，而前8个月地方借钱规模约7.7万亿元，占广义财政收入比重约 72%。上述广义财政收入并未包含中央对地方转移支付及举债收入等。 那么，地方举借的8.5万亿元究竟花在哪里了？综合官方以及机构数据分析显示，答案是约六成资金用 于偿还旧债，近四成资金则用于投向重大项目建设。 根据财政部及机构数据，今年前三季度地方政府发行的8.54万亿元政府债券中，地方政府再融资债券发 行约4.19万亿元，同比增长约69%。新增地方政府债券发行约4.35万亿元，同比增长约3%。 所谓地方政府再融资债券，简 ...

（文章来源：第一财经） 财政部数据显示，2025年8月，全国发行新增债券5715亿元，其中一般债券825亿元、专项债券4890亿 元。全国发行再融资债券4086亿元，其中一般债券2231亿元、专项债券1855亿元。合计，全国发行地方 政府债券9801亿元，其中一般债券3056亿元、专项债券6745亿元。 ...

9月18日，山西省财政厅通过财政部政府债券发行系统成功发行今年第八批政府债券204.51亿元，期限包含10年、15年、20年、30年期， 全场平均发行利率2.3%，平均投标倍数24.83倍。至此，山西省今年已累计发行政府债券1525.27亿元，其中新增债券发行861.9亿元，发 行进度完成财政部下达我省新增债券额度的96%。 今年以来，山西省财政厅认真贯彻财政部和省委省政府有关要求，落实更加积极的财政政策，坚持化债和发展两条腿走路，推动山西省 经济发展和债务管理良性循环。 本批债券全部为新增专项债券，其中122.76亿元用于补充政府性基金财力和存量政府投资项目，切实增强财政统筹能力，腾挪空间提升 发展动能；81.75亿元用于保障全省260个公益性项目建设落地，高质量完成十四五规划目标任务。 下一步，山西省财政厅在提升地方债发行质效的同时，进一步强化预算约束，严格规范资金合规使用，督促项目单位加快支出进度，实 现地方政府债券"发得优、用得好、见效快"，为山西省经济行稳致远提供坚实的财力支撑。 来源｜山西财政微信公众号 | 发行日期 | 债券代码 | 债券简称 | 债券类型 | 友行规模 | 发行期限 | 農面村 ...

Key Points - In July, the total issuance of new bonds reached 703.2 billion yuan, consisting of 86.3 billion yuan in general bonds and 616.9 billion yuan in special bonds [1] - The total issuance of refinancing bonds amounted to 510.3 billion yuan, with 258.6 billion yuan in general bonds and 251.7 billion yuan in special bonds [1] - Overall, the issuance of local government bonds totaled 1,213.5 billion yuan, including 344.9 billion yuan in general bonds and 868.6 billion yuan in special bonds [1]

Group 1 - The Shanxi provincial government is issuing 750 million yuan in government bonds aimed at individual and small institutional investors, with a minimum subscription of 100 yuan, highlighting the bonds as a safe and attractive investment option due to their high yield and limited availability [1][3][7] - The bonds are categorized into general bonds for non-revenue public welfare projects and special bonds for revenue-generating public welfare projects, with repayment sourced from the government's general public budget or specific project revenues [2][4] - This marks the fifth year of issuing local government bonds through commercial bank counters, with a total issuance of 1.76 billion yuan from 2021 to 2024, indicating strong investor interest [3] Group 2 - The bonds will be issued on August 25, with a maturity of five years, and will pay interest annually, with the principal repaid on August 29, 2030, providing a stable income stream for investors [3][4] - Eight banks are authorized to facilitate the purchase of these bonds, making it accessible for ordinary investors, with nearly 1,800 bank outlets available for transactions [5][6] - The bonds are backed by government credit, rated AAA by third-party agencies, ensuring high safety and low risk, appealing to investors seeking secure investment options [7][8]

Core Viewpoint - Guangdong Province will issue offshore RMB local government bonds in Macau with a total scale of 2.5 billion RMB, marking the fifth consecutive year since 2021 for such issuances [1] Group 1: Bond Issuance Details - The bond issuance is supported by the Ministry of Finance and the Guangdong Provincial Government [1] - The issuance will include thematic bonds for the Hengqin Guangdong-Macao Deep Cooperation Zone, green bonds, and for the first time, special bonds supporting the 15th National Games projects and blue bonds [1] - All bonds will be issued to professional investors [1]

Group 1 - The Guangdong Provincial Government plans to issue offshore RMB local government bonds in the Macao Special Administrative Region in 2025 [1] - The total scale of the bond issuance is set to not exceed 2.5 billion yuan [1] - The maturity period for the bonds will not exceed 10 years [1]

Group 1 - In June 2025, the total issuance of new bonds nationwide reached 628.1 billion yuan, consisting of 101 billion yuan in general bonds and 527.1 billion yuan in special bonds [1] - The total issuance of refinancing bonds was 547.2 billion yuan, with 267.4 billion yuan in general bonds and 279.8 billion yuan in special bonds [1] - The cumulative issuance of local government bonds for the first half of 2025 amounted to 2,612.7 billion yuan, including 452 billion yuan in general bonds and 2,160.7 billion yuan in special bonds [1] Group 2 - As of the end of June 2025, the total local government debt balance was 51,950.3 billion yuan, with general debt at 17,170.4 billion yuan and special debt at 34,779.9 billion yuan [1] - The total government bonds issued reached 51,789.9 billion yuan, while the stock of non-government bond debt was 160.4 billion yuan [1] - The total issuance of local government bonds in 2025 reached 54,902 billion yuan, comprising 11,793 billion yuan in general bonds and 43,109 billion yuan in special bonds [1]

Group 1 - Jiangsu issued 5-year general local bonds with a scale of 8.95 billion yuan and an issuance rate of 1.61%, with a marginal multiple of 7.73 times, exceeding the expected multiple of 3.34 [1] - Jiangsu issued 7-year general local bonds with a scale of 76.12 billion yuan and an issuance rate of 1.70%, with a marginal multiple of 7.70 times, exceeding the expected multiple of 3.22 [1] - Jiangsu issued 7-year ordinary special local bonds with a scale of 2.3 billion yuan and an issuance rate of 1.70%, with a marginal multiple of 6.40 times, exceeding the expected multiple of 3.09 [1]

Group 1 - Chongqing issued 30-year special local bonds with a scale of 50.08 billion and an issuance rate of 2.06% with a marginal multiple of 17.43 times, exceeding the expected multiple of 2.02 [1] - Chongqing issued 7-year general local bonds with a scale of 175.55 billion and an issuance rate of 1.69% with a marginal multiple of 3.12 times, surpassing the expected multiple of 1.69 [1] - Chongqing issued 15-year ordinary special local bonds with a scale of 22.77 billion and an issuance rate of 1.95% with a marginal multiple of 2.97 times, above the expected multiple of 1.94 [1]