【纠错】 【责任编辑:谷玥】 今年前5个月，全国发行地方政府债券合计43148亿元。地方政府债券平均发行期限16.4年，地方政府债 券平均发行利率1.95%。 截至2025年5月末，全国地方政府债务余额512475亿元，地方政府债券剩余平均年限10.1年。（记者申 铖、刘开雄） 财政部6月27日发布数据显示，今年前5个月，全国发行新增地方政府债券19846亿元，其中一般债券 3510亿元、专项债券16336亿元。 数据显示，今年前5个月，全国发行再融资债券23302亿元，其中一般债券4598亿元、专项债券18704亿 元。 ...

Core Viewpoint - Local governments in China have significantly increased their borrowing this year, primarily through the issuance of local government bonds, to stabilize the economy and mitigate risks [1][2]. Group 1: Bond Issuance and Utilization - In the first seven months of this year, approximately 67,037 billion yuan of local government bonds were issued, representing a year-on-year increase of about 60% [1]. - More than half of the bond proceeds are allocated to repay old debts, while nearly half is invested in major project construction [1]. - Of the 67,037 billion yuan issued, about 34,000 billion yuan were refinancing bonds, a 65% increase year-on-year, and approximately 33,000 billion yuan were new bonds, up about 55% year-on-year [1]. Group 2: Debt Management and Financial Relief - The average interest cost of replaced hidden debts has decreased by over 2.5 percentage points, significantly alleviating repayment pressure and releasing fiscal space for development and public welfare [2]. - New bonds are primarily used for major public welfare projects, with 28,000 billion yuan of new special bonds issued in the first seven months, a 57% increase year-on-year, accounting for over 60% of the total annual issuance of 44,000 billion yuan [2]. Group 3: Project Funding Allocation - Nearly 20,000 billion yuan of new special bond funds were allocated for project construction, with approximately 26.37% directed towards municipal and industrial park infrastructure, 17.63% towards transportation infrastructure, and 13.03% towards land reserve [3]. - A notable increase in land reserve special bonds issuance, exceeding 2,600 billion yuan, aims to recover idle land and stabilize the real estate market [3]. Group 4: Government Initiatives and Future Projections - The Central Political Bureau has called for accelerated issuance and utilization of government bonds to enhance funding efficiency, with expectations to complete the issuance of 44,000 billion yuan in new special bonds by the end of October [4]. - Research forecasts a local bond issuance scale of 35,000 billion yuan in the third quarter, with a net financing scale of 22,000 billion yuan [5]. Group 5: Debt Management and Safety - The State Council has relaxed restrictions on the use of special bond funds, allowing for greater flexibility and autonomy in project funding, while maintaining overall debt levels within safe limits [6]. - As of June 2025, the total local government debt is 51.95 trillion yuan, below the debt ceiling of approximately 57.99 trillion yuan, with an average remaining maturity of 10.2 years and an average interest rate of 2.93% [6].

Core Viewpoint - The article discusses the significant increase in local government borrowing in China, primarily through the issuance of local government bonds, to stabilize the economy and manage risks amid financial pressures [3][4]. Group 1: Local Government Bond Issuance - In the first seven months of this year, approximately 67,037 billion yuan of local government bonds were issued, representing a year-on-year increase of about 60% [3]. - The bond issuance in June and July exceeded 10,000 billion yuan each, indicating a rapid acceleration in local government borrowing [3]. - Of the 67,037 billion yuan issued, about 34,000 billion yuan were refinancing bonds, which are used to repay old debts, while approximately 33,000 billion yuan were new bonds for major project construction [4]. Group 2: Debt Refinancing and Management - Refinancing bonds are primarily used for "borrowing new to repay old" debts, addressing the significant fiscal imbalance faced by local governments [5]. - The central government has implemented a plan to replace hidden debts with 10 trillion yuan in local government bonds, with 6 trillion yuan allocated for refinancing existing hidden debts [5]. - As of the end of July, nearly 19,000 billion yuan of the 20,000 billion yuan quota for hidden debt replacement had been issued, leading to a reduction in average interest costs by over 2.5 percentage points [6]. Group 3: Use of New Bonds - New bonds are mainly allocated for public welfare projects to stabilize investment and address shortfalls in the economy [6][9]. - In the first seven months, approximately 28,000 billion yuan of new special bonds were issued, accounting for over 60% of the annual target of 44,000 billion yuan [6]. - A significant portion of the new special bonds, about 8,000 billion yuan, is designated for resolving existing hidden debts and addressing overdue payments to enterprises [6]. Group 4: Project Funding Allocation - Nearly 20,000 billion yuan of new special bond funds were directed towards project construction, with 26.37% allocated to municipal and industrial park infrastructure, 17.63% to transportation infrastructure, and 13.03% to land reserve projects [9]. - The issuance of land reserve special bonds has surged, exceeding 2,600 billion yuan, aimed at recovering idle land and stabilizing the real estate market [9]. Group 5: Future Expectations and Debt Management - The Central Political Bureau has called for accelerating the issuance and utilization of government bonds to enhance funding efficiency [10]. - Experts predict that local government bond issuance will reach 35,000 billion yuan in the third quarter, with a net financing scale of 22,000 billion yuan [11]. - As of June 2025, the total local government debt was 51.95 trillion yuan, remaining below the debt ceiling of approximately 57.99 trillion yuan, indicating that local debt risks are generally manageable [12][13].

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]

● 本报记者欧阳剑环 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。 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%。 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]