National Local Government Bond Issuance - In September 2025, a total of 474.1 billion yuan in new bonds were issued, including 55 billion yuan in general bonds and 419.1 billion yuan in special bonds [1] - The refinancing bonds issued amounted to 387.8 billion yuan, with 171 billion yuan in general bonds and 216.8 billion yuan in special bonds, leading to a total issuance of 861.9 billion yuan for the month [1] - The average issuance term for local government bonds in September was 16.8 years, with general bonds averaging 8.4 years and special bonds averaging 19.8 years [2] - The average issuance interest rate for local government bonds was 2.18%, with general bonds at 2.01% and special bonds at 2.25% [3] Year-to-Date Issuance (January to September 2025) - From January to September 2025, a total of 4,361.5 billion yuan in new local government bonds were issued, comprising 675.8 billion yuan in general bonds and 3,685.7 billion yuan in special bonds [4] - The refinancing bonds issued during this period totaled 4,184.2 billion yuan, with 1,379.9 billion yuan in general bonds and 2,804.3 billion yuan in special bonds, resulting in a total issuance of 85,457 billion yuan [4] - The average issuance term for local government bonds during this period was 15.6 years, with general bonds averaging 8.8 years and special bonds averaging 17.8 years [5] - The average issuance interest rate for local government bonds was 1.95%, with general bonds at 1.79% and special bonds at 1.99% [6] Repayment of Principal and Interest (January to September 2025) - In the first nine months of 2025, local government bonds had a principal repayment of 23,863 billion yuan, with refinancing bonds accounting for 20,527 billion yuan and other fiscal funds for 3,336 billion yuan [7] - In September alone, the principal repayment amounted to 4,108 billion yuan [7] - The total interest paid on local government bonds during this period was 11,191 billion yuan, with September's interest payment being 1,328 billion yuan [8] Local Government Debt Balance - As of the end of September 2025, the average remaining term of local government bonds was 10.5 years, with general bonds at 6.2 years and special bonds at 12.5 years [9] - The average interest rate for local government bonds was 2.86%, with general bonds at 2.92% and special bonds at 2.83% [9]

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]