Core Points - The Ministry of Finance reported that in July 2025, a total of 703.2 billion yuan in new local government bonds were issued, including 86.3 billion yuan in general bonds and 616.9 billion yuan in special bonds [1] - The total issuance of local government bonds in July reached 1,213.5 billion yuan, with 344.9 billion yuan in general bonds and 868.6 billion yuan in special bonds [1] - From January to July 2025, the total issuance of new local government bonds amounted to 3,315.9 billion yuan, with 538.3 billion yuan in general bonds and 2,777.6 billion yuan in special bonds [2] Debt Repayment and Interest Payments - In the first seven months of 2025, local government bonds had a principal repayment of 1,478 billion yuan, with 1,282.5 billion yuan from refinancing bonds and 195.5 billion yuan from fiscal funds [3] - The interest payments for local government bonds in the first seven months totaled 831.4 billion yuan, with 118.3 billion yuan paid in July alone [3] Debt Limits and Balances - The national local government debt limit for 2025 is set at 57,987.43 billion yuan, with general debt limited to 18,068.92 billion yuan and special debt to 39,918.50 billion yuan [3] - As of the end of July 2025, the total local government debt balance was 52,762.7 billion yuan, including 17,248.3 billion yuan in general debt and 35,514.4 billion yuan in special debt [3] - The average remaining maturity of local government bonds is 10.3 years, with an average interest rate of 2.90% [3]

Group 1 - In June 2025, the total issuance of new bonds nationwide reached 628.1 billion yuan, consisting of 101 billion yuan in general bonds and 527.1 billion yuan in special bonds [1] - The total issuance of refinancing bonds was 547.2 billion yuan, with 267.4 billion yuan in general bonds and 279.8 billion yuan in special bonds [1] - The cumulative issuance of local government bonds for the first half of 2025 amounted to 2,612.7 billion yuan, including 452 billion yuan in general bonds and 2,160.7 billion yuan in special bonds [1] Group 2 - As of the end of June 2025, the total local government debt balance was 51,950.3 billion yuan, with general debt at 17,170.4 billion yuan and special debt at 34,779.9 billion yuan [1] - The total government bonds issued reached 51,789.9 billion yuan, while the stock of non-government bond debt was 160.4 billion yuan [1] - The total issuance of local government bonds in 2025 reached 54,902 billion yuan, comprising 11,793 billion yuan in general bonds and 43,109 billion yuan in special bonds [1]