Group 1 - The Ministry of Finance reported that in March 2025, a total of 437.5 billion yuan in new bonds were issued nationwide, including 74 billion yuan in general bonds and 363.5 billion yuan in special bonds [1] - The total refinancing bonds issued nationwide amounted to 541.3 billion yuan, with 100.8 billion yuan in general bonds and 440.5 billion yuan in special bonds [1] - Cumulatively, the total issuance of local government bonds reached 978.8 billion yuan, comprising 174.8 billion yuan in general bonds and 804 billion yuan in special bonds [1] Group 2 - As of the end of March 2025, the total local government debt balance was 5,016.5 billion yuan, which includes 1,702.25 billion yuan in general debt and 3,314.25 billion yuan in special debt [1] - The total amount of government bonds stood at 5,000.46 billion yuan, while the stock of non-government bond forms of government debt was 160.4 billion yuan [1]

今年更大规模的政府债券在一季度提速发行后，新增地方政府专项债券(以下简称"专项债券")和国债仍 留有较大规模的待发行额度。根据财政部最新安排，2025年首期超长期特别国债和中央金融机构注资特 别国债(以下合称"两类特别国债")都将在4月24日招标发行。面对国内外形势的新变化，受访专家认 为，两类特别国债"开闸"后，政府债券将继续保持较大供给力度，在二季度进一步加快发行速度。 仍有较大可用额度 今年一季度，以国债、地方政府债券为主的政府债券发行规模明显高于近5年同期水平。据证券时报记 者统计，一季度国债累计发行规模超3.3万亿元，地方政府债券累计发行规模超2.8万亿元。 "今年中央财政靠前发力，可能为后续超长期特别国债和支持银行补充资本金的特别国债发行腾挪空 间。"华西证券（002926）首席经济学家刘郁指出，一季度国债发行进度快于往年同期，但在中央加杠 杆背景下，国债剩余额度仍高于去年同期。 从地方政府债券发行情况看，年初以来地方化债工作进展积极。用于置换存量隐性债务的置换债券在一 季度集中发行，累积发行规模达1.34万亿元，约占当季地方政府债券发行规模的47%。 东方金诚研究发展部执行总监冯琳对证券时报记者 ...