一、全国地方政府债券发行情况 （一）当月发行情况。 2025年9月，全国发行新增债券4741亿元，其中一般债券550亿元、专项债券4191亿元。全国发行再融资 债券3878亿元，其中一般债券1710亿元、专项债券2168亿元。合计，全国发行地方政府债券8619亿元， 其中一般债券2260亿元、专项债券6359亿元。 2025年9月，地方政府债券平均发行期限16.8年，其中一般债券8.4年，专项债券19.8年。 2025年9月，地方政府债券平均发行利率2.18%，其中一般债券2.01%，专项债券2.25%。 （二）1-9月发行情况。 2025年1-9月，地方政府债券到期偿还本金23863亿元，其中发行再融资债券偿还本金20527亿元、安排 财政资金等偿还本金3336亿元。9月当月到期偿还本金4108亿元。 2025年1-9月，地方政府债券支付利息11191亿元。其中，9月当月地方政府债券支付利息1328亿元。 二、全国地方政府债务余额情况 截至2025年9月末，地方政府债券剩余平均年限10.5年，其中一般债券6.2年，专项债券12.5年；平均利 率2.86%，其中一般债券2.92%，专项债券2.83%。 注: ...

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]