National Local Government Bond Issuance - In June 2025, a total of 628.1 billion yuan in new bonds were issued, including 101 billion yuan in general bonds and 527.1 billion yuan in special bonds [1] - The total refinancing bonds issued amounted to 547.2 billion yuan, with 267.4 billion yuan in general bonds and 279.8 billion yuan in special bonds [1] - The average issuance term for local government bonds in June 2025 was 13.9 years, with general bonds averaging 9.2 years and special bonds averaging 16.0 years [1] - The average issuance interest rate for local government bonds was 1.80%, with general bonds at 1.71% and special bonds at 1.84% [1] Cumulative Issuance from January to June 2025 - From January to June 2025, a total of 2,612.7 billion yuan in new local government bonds were issued, comprising 452 billion yuan in general bonds and 2,160.7 billion yuan in special bonds [2] - The total refinancing bonds issued during this period reached 2,877.5 billion yuan, with 727.3 billion yuan in general bonds and 2,150.2 billion yuan in special bonds [2] - The cumulative issuance of local government bonds amounted to 5,490.2 billion yuan, including 1,179.3 billion yuan in general bonds and 4,310.9 billion yuan in special bonds [2] Average Terms and Interest Rates - The average issuance term for local government bonds from January to June 2025 was 15.9 years, with general bonds averaging 8.8 years and special bonds averaging 17.8 years [3] - The average interest rate for local government bonds during this period was 1.92%, with general bonds at 1.75% and special bonds at 1.96% [4] Principal Repayment and Interest Payments - From January to June 2025, local government bonds had a principal repayment of 1,076.9 billion yuan, with refinancing bonds accounting for 929.7 billion yuan and other fiscal funds for 147.2 billion yuan [5] - In June 2025, the principal repayment amounted to 472.5 billion yuan [5] - The total interest payments for local government bonds from January to June 2025 were 713.1 billion yuan, with June alone accounting for 142.2 billion yuan [6] Local Government Debt Balance - As of the end of June 2025, the average remaining term for local government bonds was 10.2 years, with general bonds at 6.0 years and special bonds at 12.2 years [7] - The average interest rate for local government bonds was 2.93%, with general bonds at 3.00% and special bonds at 2.89% [7]

Group 1 - The Ministry of Finance reported that in June, a total of 628.1 billion yuan in new bonds were issued nationwide, including 101 billion yuan in general bonds and 527.1 billion yuan in special bonds [1] - The total issuance of refinancing bonds reached 547.2 billion yuan in June, with 267.4 billion yuan in general bonds and 279.8 billion yuan in special bonds [1] - For the first half of the year, the total issuance of new local government bonds was 2.6127 trillion yuan, comprising 452 billion yuan in general bonds and 2.1607 trillion yuan in special bonds [1] Group 2 - The total issuance of refinancing bonds in the first half of the year was 2.8775 trillion yuan, including 727.3 billion yuan in general bonds and 2.1502 trillion yuan in special bonds [1] - The overall issuance of local government bonds reached 5.4902 trillion yuan, with 1.1793 trillion yuan in general bonds and 4.3109 trillion yuan in special bonds [1] - The scope of special bonds used as project capital has expanded from 17 industries to 22 industries, with 191.7 billion yuan issued for project capital in the first half of the year, reflecting a year-on-year growth of 16% [1]

财政部预算司一级巡视员、政府债务研究和评估中心主任李大伟表示，上半年，全国发行新增地方政府 一般和专项债券2.6万亿元，支持地方重点领域重大项目建设。投向领域进一步拓宽，专项债券用作项 目资本金的范围由原来17个行业扩大至22个。上半年，各地发行专项债券用作项目资本金1917亿元，同 比增长16%。 1至6月，全国发行新增地方政府债券26127亿元，其中一般债券4520亿元、专项债券21607亿元。全国发 行再融资债券28775亿元，其中一般债券7273亿元、专项债券21502亿元。全国发行地方政府债券合计 54902亿元，其中一般债券11793亿元、专项债券43109亿元。 ● 本报记者 欧阳剑环 财政部7月30日发布的数据显示，6月，全国发行新增债券6281亿元，其中一般债券1010亿元、专项债券 5271亿元。全国发行再融资债券5472亿元，其中一般债券2674亿元、专项债券2798亿元。全国共发行地 方政府债券11753亿元，其中一般债券3684亿元、专项债券8069亿元。 ...

Group 1 - The Ministry of Finance reported that in the first half of the year, a total of 2.6 trillion yuan of new local government general and special bonds were issued to support major project construction in key areas [1] - An additional budget of 658.3 billion yuan for long-term special government bonds was allocated to support "two重" projects and "two新" initiatives [1]

Core Insights - Shaanxi Province issued a 10-year general local government bond with a scale of 6.9583 billion, an issuance rate of 1.7800%, and a marginal multiple of 2.61, exceeding the expected multiple of 1.80 [1] - The province also issued a 7-year special local government bond for housing renovation with a scale of 200 million, an issuance rate of 1.6900%, and a marginal multiple of 1.35, below the expected multiple of 1.72 [1] - Additionally, Shaanxi issued two 20-year special local government bonds, one with a scale of 2.974 billion at an issuance rate of 2.1100% and a marginal multiple of 1.74, and another with a scale of 758 million at an issuance rate of 2.1200% and a significantly high marginal multiple of 10.32, both exceeding the expected multiple of 2.04 [1][1]

Group 1 - Guangxi issued 20-year special local bonds with a scale of 87.73 billion yuan and an issuance interest rate of 2.05%, with a marginal multiple of 10.71 times, exceeding the expected multiple of 2.01 [1] - Guangxi issued 10-year general local bonds with a scale of 163.92 billion yuan and an issuance interest rate of 1.71%, with a marginal multiple of 1.34 times, below the expected multiple of 1.73 [1] - Guangxi issued 20-year ordinary special local bonds with a scale of 33.85 billion yuan and an issuance interest rate of 2.05%, with a marginal multiple of 14.76 times, exceeding the expected multiple of 2.02 [1]

Core Insights - Shandong issued a total of five types of local government bonds with varying maturities and interest rates, indicating active participation in the bond market [1] Group 1: Bond Issuance Details - Shandong issued a 7-year special local government bond for urban renovation with a scale of 12.03 billion and an interest rate of 1.68%, achieving a bid-to-cover ratio of 2.71 times, exceeding the expected ratio of 1.70 [1] - A 30-year special local government bond was issued with a scale of 70.86 billion and an interest rate of 2.03%, resulting in a bid-to-cover ratio of 2.29 times, above the expected ratio of 1.99 [1] - A 15-year special local government bond was issued with a scale of 40.34 billion and an interest rate of 1.94%, achieving a bid-to-cover ratio of 3.65 times, surpassing the expected ratio of 1.92 [1] - A 10-year special local government bond was issued with a scale of 10.19 billion and an interest rate of 1.74%, with a bid-to-cover ratio of 1.20 times, below the expected ratio of 1.73 [1] - Another 10-year special local government bond was issued with a scale of 18.93 billion and an interest rate of 1.75%, achieving a remarkable bid-to-cover ratio of 15.66 times, significantly higher than the expected ratio of 1.73 [1]

Group 1 - Guizhou issued a 30-year general special local bond with a scale of 13.63224 billion [1] - The issuance interest rate is set at 2.0400% [1] - The marginal multiple reached 34.02 times, exceeding the expected multiple of 2.00 [1]

Group 1 - Hunan issued 5-year general local bonds with a scale of 12.1268 billion, an issuance rate of 1.6000%, and a marginal multiple of 8.01, exceeding the expected multiple of 1.58 [1] - Hunan issued 7-year general local bonds with a scale of 11.91653 billion, an issuance rate of 1.6800%, and a marginal multiple of 1.95, slightly above the expected multiple of 1.67 [1] - Hunan issued 30-year ordinary special local bonds with a scale of 14.31217 billion, an issuance rate of 2.0200%, and a marginal multiple of 11.46, significantly higher than the expected multiple of 2.01 [1]

Core Viewpoint - The article highlights the accelerated issuance of local government bonds in China during the first half of the year, with a total issuance of approximately 5.5 trillion yuan, reflecting a year-on-year growth of about 57% [1][2]. Group 1: Bond Issuance Overview - In the first half of the year, local government bonds were issued at a rapid pace, with new bonds accounting for approximately 2.6 trillion yuan, a year-on-year increase of 43%, while refinancing bonds reached about 2.9 trillion yuan, growing by approximately 73% [1][2]. - More than half of the funds from local government bonds were used for refinancing old debts, which alleviated current fiscal pressures and allowed local governments to focus more on development and public welfare [2]. Group 2: Fund Allocation and Project Focus - The newly issued special bonds, totaling around 2.2 trillion yuan, were primarily directed towards infrastructure and public welfare projects, with significant allocations to municipal and industrial park infrastructure (28%), transportation projects (19%), and land reserve projects (11%) [3]. - The government has allowed special bonds to be used for land reserve projects to stabilize the real estate market, leading to increased funding in this area [3]. Group 3: Debt Management and Financial Health - The average issuance term of local government bonds has extended to 16.4 years, with an average interest rate of 1.95%, lower than the previous year's rate of 2.29%, which helps reduce financing costs [4]. - As of May 2025, the total local government debt stood at 51.25 trillion yuan, remaining within the limit of 57.99 trillion yuan, indicating that debt risks are generally manageable [4]. - The Ministry of Finance plans to expedite the issuance of long-term special bonds to support economic stability and growth, with expectations for increased issuance in the third quarter [4].