Core Viewpoint - Local governments are accelerating borrowing to fund major projects and repay old debts, aiming to boost the economy and mitigate risks [2][3]. Group 1: Borrowing and Debt Management - In the first eight months of this year, local governments issued approximately 7.7 trillion yuan in bonds, a year-on-year increase of 42%, marking a historical high for the same period [2]. - Of the 7.7 trillion yuan in bonds issued, about 3.8 trillion yuan were refinancing bonds, which increased by 64% year-on-year, while new bonds issued amounted to approximately 3.9 trillion yuan, up 26% year-on-year [3]. - Approximately 4.77 trillion yuan, or about 62% of the total borrowing, was allocated to repay old debts, with the remaining nearly 3 trillion yuan primarily directed towards major project construction [6]. Group 2: Allocation of Funds - The funds from newly issued bonds are primarily used for significant public welfare projects, with about 2.3 trillion yuan of the new special bond funds allocated to project construction [5]. - The distribution of the special bond funds includes approximately 28% for municipal and industrial park infrastructure, 18% for transportation infrastructure, 14% for land reserves, and 12% for affordable housing projects [6][7]. - The new special bonds also include around 0.97 trillion yuan used for replacing hidden debts and settling overdue payments to enterprises, which is referred to as special new special bonds [5][6]. Group 3: Regulatory Changes and Market Impact - This year, the management of special bonds has adopted a "negative list" approach, significantly broadening the areas eligible for investment, including land reserves [7]. - The total local government debt balance as of July 2025 is approximately 52.76 trillion yuan, remaining within the limit of about 57.99 trillion yuan, indicating that local debt risks are generally manageable [7].

Group 1 - The Ministry of Finance reported that in the first seven months of this year, a total of 33,159 billion yuan of new local government bonds were issued, including 5,383 billion yuan of general bonds and 27,776 billion yuan of special bonds [1] - In the same period, refinancing bonds amounting to 33,877 billion yuan were issued, with 9,858 billion yuan as general bonds and 24,019 billion yuan as special bonds [1] - Overall, local government bonds issued in the first seven months totaled 67,036 billion yuan, comprising 15,241 billion yuan of general bonds and 51,795 billion yuan of special bonds [1] Group 2 - As of July 2025, the total local government debt balance is projected to be 527,627 billion yuan, with an average remaining maturity of 10.3 years for local government bonds [1]

Group 1 - The Ministry of Finance of China announced that in July 2025, a total of 703.2 billion yuan of new local government bonds were issued, including 86.3 billion yuan of general bonds and 616.9 billion yuan of special bonds [1] - The average issuance term for local government bonds in July was 14.6 years, with general bonds averaging 8.7 years and special bonds averaging 16.9 years; the average issuance interest rate was 1.85%, with general bonds at 1.72% and special bonds at 1.90% [1] - From January to July 2025, a total of 3,315.9 billion yuan of new local government bonds were issued, with general bonds at 538.3 billion yuan and special bonds at 2,777.6 billion yuan; the total issuance of refinancing bonds was 3,387.7 billion yuan, leading to a total of 6,703.6 billion yuan of local government bonds issued [1] Group 2 - As of the end of July 2025, the total local government debt balance was 5,276.27 billion yuan, with general debt at 1,724.83 billion yuan and special debt at 3,551.44 billion yuan; the total government bonds amounted to 5,260.23 billion yuan [2] - The average remaining term of local government bonds was 10.3 years, with general bonds at 6.1 years and special bonds at 12.3 years; the average interest rate was 2.90%, with general bonds at 2.97% and special bonds at 2.86% [2] - The debt limit for local governments in 2025 was set at 57,987.43 billion yuan, with a general debt limit of 18,068.92 billion yuan and a special debt limit of 39,918.51 billion yuan [2]

Summary of Key Points Core Viewpoint - The Ministry of Finance reported that in the first seven months of this year, a total of 67,036 billion yuan in local government bonds were issued, indicating significant government financing activity to support local projects and manage debt levels [1]. Group 1: Bond Issuance Data - In the first seven months, 33,159 billion yuan of new local government bonds were issued, comprising 5,383 billion yuan in general bonds and 27,776 billion yuan in special bonds [1]. - Additionally, 33,877 billion yuan of refinancing bonds were issued, with 9,858 billion yuan in general bonds and 24,019 billion yuan in special bonds [1]. - The total issuance of local government bonds includes 15,241 billion yuan in general bonds and 51,795 billion yuan in special bonds [1]. Group 2: Debt Statistics - As of July 2025, the total balance of local government debt is 527,627 billion yuan, reflecting the scale of local government financing needs [1]. - The average remaining maturity of local government bonds is 10.3 years, indicating a long-term commitment to managing this debt [1].

人民财讯8月28日电，财政部发布2025年7月地方政府债券发行和债务余额情况，截至2025年7月末，全 国地方政府债务余额527627亿元。其中，一般债务172483亿元，专项债务355144亿元；政府债券526023 亿元，非政府债券形式存量政府债务1604亿元。 ...

钛媒体App 8月28日消息，截至2025年7月末，中国地方政府债务余额527627亿元。其中，一般债务 172483亿元，专项债务355144亿元；政府债券526023亿元，非政府债券形式存量政府债务1604亿元。截 至2025年7月末，地方政府债券剩余平均年限10.3年，其中一般债券6.1年，专项债券12.3年；平均利率 2.90%，其中一般债券2.97%，专项债券2.86%。（财政部） ...

截至6月末，全国地方政府债务余额519503亿元。其中，一般债务171704亿元，专项债务347799亿元； 政府债券517899亿元，非政府债券形式存量政府债务1604亿元。 中国财政部30日公布2025年6月地方政府债券发行和债务余额数据。6月全国发行新增债券6281亿元(人 民币，下同)，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，合计全国 发行地方政府债券11753亿元。 1至6月，地方政府债券平均发行期限15.9年，其中一般债券8.8年，专项债券17.8年；平均发行利率 1.92%，其中一般债券1.75%，专项债券1.96%。 6月，地方政府债券平均发行期限13.9年，其中一般债券9.2年，专项债券16.0年；平均发行利率1.80%， 其中一般债券1.71%，专项债券1.84%。 上半年，地方政府债券到期偿还本金10769亿元，其中发行再融资债券偿还本金9297亿元、安排财政资 金等偿还本金1472亿元；地方政府债券支付利息7131亿元。 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287 ...

Group 1 - In June 2025, the total issuance of new local government bonds reached 628.1 billion yuan, comprising 101 billion yuan of general bonds and 527.1 billion yuan of special bonds [3] - The refinancing bonds issued in June amounted to 547.2 billion yuan, with 267.4 billion yuan as general bonds and 279.8 billion yuan as special bonds [3] - The average issuance term for local government bonds in June was 13.9 years, with general bonds averaging 9.2 years and special bonds averaging 16.0 years [3][6] Group 2 - From January to June 2025, the total issuance of new local government bonds was 2,612.7 billion yuan, including 452 billion yuan of general bonds and 2,160.7 billion yuan of special bonds [5] - The total refinancing bonds issued during this period reached 2,877.5 billion yuan, with 727.3 billion yuan as general bonds and 2,150.2 billion yuan as special bonds [5] - The average issuance term for local government bonds from January to June was 15.9 years, with general bonds averaging 8.8 years and special bonds averaging 17.8 years [6] Group 3 - The average issuance interest rate for local government bonds in June was 1.80%, with general bonds at 1.71% and special bonds at 1.84% [4] - For the first half of 2025, the average issuance interest rate was 1.92%, with general bonds at 1.75% and special bonds at 1.96% [7] Group 4 - In the first half of 2025, local government bonds had a principal repayment of 1,076.9 billion yuan, with refinancing bonds accounting for 929.7 billion yuan of this amount [8] - The interest payments for local government bonds in the first half of 2025 totaled 713.1 billion yuan, with 142.2 billion yuan paid in June alone [9] Group 5 - As of the end of June 2025, the total local government debt balance was 5,195.03 billion yuan, with general debt at 1,717.04 billion yuan and special debt at 3,477.99 billion yuan [10] - 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 [10] - The average interest rate for local government debt was 2.93%, with general bonds at 3.00% and special bonds at 2.89% [10]

Group 1 - As of the end of May 2025, the total local government debt balance in China reached 512,475 billion yuan [1] - From January to May 2025, local government bonds had a principal repayment of 6,044 billion yuan, with 4,920 billion yuan repaid through refinancing bonds and 1,124 billion yuan through fiscal funds [1] - In May 2025 alone, the principal repayment amounted to 2,251 billion yuan [1] Group 2 - During the first five months of 2025, local government bonds incurred interest payments totaling 5,709 billion yuan, with 1,393 billion yuan paid in May [1] - The local government debt is categorized into general debt of 171,838 billion yuan and special debt of 340,637 billion yuan [1] - The total government bonds issued stand at 510,871 billion yuan, while the stock of government debt in non-government bond form is 1,604 billion yuan [1]

Group 1 - The total local government debt balance in China reached 50,693.1 billion yuan as of the end of April 2025 [1] - General debt accounted for 17,069.2 billion yuan, while special debt amounted to 33,623.9 billion yuan [1] - Government bonds totaled 50,532.7 billion yuan, with non-government bond forms of outstanding government debt at 160.4 billion yuan [1]