Group 1 - The core viewpoint of the articles highlights the significant issuance of local government bonds in China, with a total of approximately 4.7 trillion yuan issued in the first ten months of the year, and an expected total issuance of about 5.4 trillion yuan for the entire year [2][3] - The top five provinces in terms of bond issuance are Guangdong, Shandong, Zhejiang, Jiangsu, and Sichuan, which collectively account for about 34% of the total newly issued bonds [2][3] - Local government bonds are primarily used for project construction, serving as a crucial funding source for local governments amid fiscal challenges [3][9] Group 2 - The issuance of refinancing bonds is also significant, primarily aimed at repaying old debts, with provinces having higher debt repayment needs receiving more refinancing bond quotas [3] - As of December 11, the total issuance of local government bonds, including refinancing bonds, reached approximately 10.2 trillion yuan, with Jiangsu and Guangdong leading in total issuance [9] - New regulations allow ten provinces to conduct "self-examination and self-issuance" of special bonds, streamlining the bond issuance process [9] Group 3 - The average issuance term of local government bonds has increased to 15.56 years, reflecting a trend towards longer-term financing [9] - As of the end of October, the total local government debt balance was approximately 54.01 trillion yuan, remaining within the approved debt limit of about 57.99 trillion yuan [10] - The investor base for local government bonds is diversifying, with a notable increase in non-bank investors, although banks still hold the majority of these bonds [10]

为了稳经济防风险，国务院允许地方政府第四季度额外发行5000亿元地方政府债券。在地方财政收支矛 盾较大的当下，各省市获得上述额度越多，显然就有越多资金去推动重大项目建设、化解债务风险。目 前，这一额度分配也逐步清晰。 以江苏为例，根据江苏省财政厅公开信息，江苏此次获得5000亿元结存限额中的535亿元，其中235亿元 用于发行再融资债券补充地方政府综合财力，300亿元用于发行专项债券支持符合条件的项目建设。 目前包括四川、浙江等地将财政部此次下达的结存限额，省级财政不预留，全部安排给市县。这也有助 于缓解基层市县财政压力。 第一财经记者根据官方信息梳理发现，截至12月10日，至少有18个省市（自治区、直辖市、计划单列 市）近期调整了预算。而地方密集调整预算的理由之一，正是财政部下达了上述总额5000亿元地方政府 债务结存限额中的部分额度给各省市，这使得各地增加了相应债务收入和支出，因此必须依法调整预 算。 根据各地财政部门等公开信息，上述5000亿元最新一批地方政府债务额度中，目前江苏、浙江、四川、 深圳、青岛、新疆、吉林分别获得了535亿元、433亿元、282亿元、182亿元、75亿元、67亿元、43亿 元 ...

Core Viewpoint - The issuance of local government bonds in China has reached a historic high this year, with a significant portion of the funds allocated for debt repayment rather than new projects [2][3]. Group 1: Local Government Bond Issuance - In the first 11 months of this year, approximately 10 trillion yuan of local government bonds were issued, surpassing last year's total of about 9.8 trillion yuan [2]. - The issuance of refinancing bonds accounted for about 4.8 trillion yuan, a year-on-year increase of approximately 20%, while new bond issuance was about 5.2 trillion yuan, up about 11% year-on-year [2][3]. - Approximately 62% of the bond funds issued were used for repaying old debts, including refinancing existing hidden debts and settling overdue payments to enterprises [3][6]. Group 2: Allocation of Funds - Of the funds allocated for project construction, about 27% was directed towards municipal and industrial park infrastructure, 17% towards transportation infrastructure, and 12% towards affordable housing projects [6]. - This year, the scope of special bonds has significantly expanded, allowing for allocations towards land reserves, which previously were restricted, with over 500 billion yuan directed to such projects [6]. - Special bonds have also been allocated for government investment funds, exceeding 80 billion yuan, aimed at supporting early-stage technology enterprises and hard technology sectors [6]. Group 3: Debt Management and Risks - As of September 2025, the total local government debt is projected to be around 53.7 trillion yuan, remaining within the limit of approximately 57.9 trillion yuan [8]. - The average remaining maturity of local government bonds is 10.5 years, with an average interest rate of 2.86% [8]. - There is a need for careful management of local government debt growth to ensure long-term fiscal sustainability, with suggestions to optimize the debt structure between central and local governments [8].

2025.12. 02 本文字数：1373，阅读时长大约2分钟 作者 | 第一财经 陈益刊 根据数据平台机构企业预警通数据，截至12月2日，全国地方政府债券发行规模约为10.1万亿元。 长期关注地方债的中央财经大学教授温来成告诉第一财经，地方政府债券发行规模首次突破10万亿 元具有里程碑式意义。总体来看，近些年地方政府债券发行规模增长较快，目前地方政府债务余额已 经超过50万亿元，但债务余额控制在限额之内，总体来说债务风险安全可控，但需要警惕债务过快 增长对中长期地方财政可持续性的挑战。 第一财经记者查阅中国人民银行及财政部发布的官方数据发现，这是年度地方政府债券发行规模历史 上首次突破10万亿元。 根据财政部数据，截至2025年9月末，全国地方政府债务余额约53.7万亿元，这控制在债务限额之内 （57.9万亿元）。 此前财政部公开表示，目前从国际比较来看，中国政府负债率（2024年底为68.7%）显著低于主要 经济体和新兴市场国家。从举债用途看，我国地方政府债务形成了大量有效资产。我国地方政府债务 主要用于资本性支出，支持建设了一大批交通、水利、能源等项目，很多资产正在产生持续性收益， 既为经济高质量发展提 ...

Core Insights - The issuance of local government bonds in China has surpassed 10 trillion yuan for the first time, marking a significant milestone in the history of local government financing [2][4] - The total local government debt has exceeded 50 trillion yuan, but remains within the set limits, indicating that overall debt risk is manageable [2][4] - The rapid growth of local government debt poses challenges to the long-term sustainability of local finances, necessitating caution [2][4] Summary by Sections Local Government Bond Issuance - As of December 2, the total issuance of local government bonds reached approximately 10.1 trillion yuan, a historic first [2] - The issuance has shown a consistent upward trend since the implementation of the new budget law in 2015, which granted provinces the authority to issue bonds [2][3] Historical Context - Prior to 2015, local government bond issuance was limited, with only 0.4 trillion yuan issued in 2014 [2] - The issuance surged to 3.8 trillion yuan in 2015 due to debt replacement plans, and continued to rise, reaching over 6 trillion yuan in 2020 and 7 trillion yuan in 2021 [3] Current Debt Levels and Management - By September 2025, the total local government debt was approximately 53.7 trillion yuan, well within the debt ceiling of 57.9 trillion yuan [4] - China's government debt ratio is significantly lower than that of major economies, with a projected ratio of 68.7% by the end of 2024 [4] Future Directions - The government plans to optimize the structure of debt issuance to ensure fiscal sustainability and economic health [5] - There is a call for better management of local government bond growth and enhanced performance management to improve the efficiency of fund usage [5]

Group 1 - The article discusses the tax exemption policy for small-scale taxpayers with monthly sales below 100,000 yuan, which is effective until December 31, 2027 [12] - It highlights that individuals purchasing newly issued government bonds, local government bonds, and financial bonds can benefit from the VAT exemption policy as per the announcement by the Ministry of Finance and the State Taxation Administration [12] - The relevant announcement (Announcement No. 19 of 2023) specifies that interest income from these bonds will be eligible for the small-scale taxpayer exemption [11][12]

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]

Core Viewpoint - Local governments in China have significantly increased their borrowing through the issuance of bonds, reaching a record high of approximately 9.1 trillion yuan in the first ten months of the year, reflecting a proactive fiscal policy aimed at stabilizing the economy [1][4]. Group 1: Bond Issuance and Trends - In the first ten months of this year, local government bond issuance totaled about 91,062 billion yuan, marking a year-on-year increase of approximately 23% [1]. - The issuance of local government bonds accelerated notably in the first half of the year, but began to decline after July, with October's issuance at around 5,600 billion yuan, slightly above January's level [1][4]. - An additional 500 billion yuan in local government bonds has been authorized for issuance in mid-October, with 300 billion yuan aimed at enhancing local government financial capacity and 200 billion yuan for supporting key projects in major economic provinces [4]. Group 2: Use of Borrowed Funds - Approximately 60% of the funds raised through local government bonds in the first ten months were used for repaying old debts, while about 40% were allocated for major project construction [4][6]. - Of the 9.1 trillion yuan in bonds issued, around 4.7 trillion yuan were new bonds (up 2% year-on-year) and 4.4 trillion yuan were refinancing bonds (up 58% year-on-year) [4][6]. - The refinancing bonds are primarily used to repay maturing government bond principal and to replace hidden debts, thereby optimizing the debt structure and alleviating repayment pressure [5][6]. Group 3: Special Bonds and Project Allocation - In the first ten months, local governments issued approximately 1.25 trillion yuan in special new bonds specifically for resolving hidden debts and settling overdue payments to enterprises [6]. - The total scale of "borrowing new to repay old" is about 5.65 trillion yuan, accounting for approximately 62% of the total bond issuance during this period [6]. - The newly issued special bonds mainly focus on major public welfare projects, with about 27% allocated to municipal and industrial park infrastructure, 18% to transportation infrastructure, and 16% to land reserves [6]. Group 4: Debt Management and Safety - The overall risk of local government debt is considered manageable, with the total debt balance as of September 2025 being 53,699.5 billion yuan, well within the approved debt limit [7]. - In the first three quarters, local governments repaid 23,863 billion yuan in principal and paid 11,191 billion yuan in interest on bonds [7].

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]

Core Insights - The Ministry of Finance reported that in the first nine months of this year, a total of 43,615 billion yuan in new local government bonds were issued, comprising 6,758 billion yuan in general bonds and 36,857 billion yuan in special bonds [1] - Additionally, refinancing bonds amounting to 41,842 billion yuan were issued, with 13,799 billion yuan in general bonds and 28,043 billion yuan in special bonds [1] - Overall, local government bonds issued in the first nine months totaled 85,457 billion yuan, including 20,557 billion yuan in general bonds and 64,900 billion yuan in special bonds [1] - As of September 2025, the total local government debt balance is projected to be 536,995 billion yuan, with an average remaining maturity of 10.5 years for local government bonds [1]