其中，国债发行13277.6亿元，地方政府债券发行9776.4亿元，金融债券发行11550.3亿元，公司信用类 债券发行12391.4亿元，信贷资产支持证券发行212.2亿元，同业存单发行26956.5亿元。 本报北京10月9日电（记者徐佩玉）中国人民银行9月30日发布数据显示，8月份，债券市场共发行各类 债券74281.4亿元。 债券市场对外开放方面，截至8月末，境外机构在中国债券市场的托管余额3.9万亿元，占中国债券市场 托管余额的比重为2%。其中，境外机构在银行间债券市场的债券托管余额3.8万亿元。 ...

为了稳投资、防风险，地方政府依法举债规模继续创新高，但发行接近尾声，举债增速逐步回落。 根据财政部及机构数据，今年前三季度全国发行地方政府债券合计约8.54万亿元，同比增长约27%。 目前地方政府合法借钱渠道基本来自发行地方政府债券，为了稳经济，今年更加积极的财政政策靠前发 力，地方政府发债进度明显快于去年。这也体现在今年前三季度地方发债借钱规模创新高，且保持两位 数增速。 今年以来地方借钱规模并不小。 财政部数据显示，今年前8个月地方政府广义财政收入（即地方一般公共预算本级收入和地方政府性基 金预算本级收入之和）约10.75万亿元，而前8个月地方借钱规模约7.7万亿元，占广义财政收入比重约 72%。上述广义财政收入并未包含中央对地方转移支付及举债收入等。 那么，地方举借的8.5万亿元究竟花在哪里了？综合官方以及机构数据分析显示，答案是约六成资金用 于偿还旧债，近四成资金则用于投向重大项目建设。 根据财政部及机构数据，今年前三季度地方政府发行的8.54万亿元政府债券中，地方政府再融资债券发 行约4.19万亿元，同比增长约69%。新增地方政府债券发行约4.35万亿元，同比增长约3%。 所谓地方政府再融资债券，简 ...

本文字数：2113，阅读时长大约4分钟 作者 | 第一财经 陈益刊 为了稳投资、防风险，地方政府依法举债规模继续创新高，但发行接近尾声，举债增速逐步回落。 根据财政部及机构数据，今年前三季度全国发行地方政府债券合计约8.54万亿元，同比增长约 27%。 目前地方政府合法借钱渠道基本来自发行地方政府债券，为了稳经济今年更加积极的财政政策靠前发 力，地方政府发债进度明显快于去年。这也体现在今年前三季度地方发债借钱规模创新高，且保持两 位数增速（下图为地方政府债券月度发行规模图）。 2025.10. 09 上图来自"企业预警通"（下同） 今年以来地方借钱规模并不小。 财政部数据显示，今年前8个月地方政府广义财政收入（即地方一般公共预算本级收入和地方政府性 基金预算本级收入之和）约10.75万亿元，而前8个月地方借钱规模约7.7万亿元，占广义财政收入比 重约72%。上述广义财政收入并未包含中央对地方转移支付及举债收入等。 那么，地方举借的8.5万亿元究竟花在哪里了？综合官方以及机构数据分析显示， 答案是约六成资金 用于偿还旧债，近四成资金则用于投向重大项目建设。 根据财政部及机构数据，今年前三季度地方政府发行的8.5 ...

北京商报讯(记者岳品瑜董晗萱)9月30日，人民银行公布2025年8月份金融市场运行情况。8月份，债券 市场共发行各类债券74281.4亿元。国债发行13277.6亿元，地方政府债券发行9776.4亿元，金融债券发 行11550.3亿元，公司信用类债券发行12391.4亿元，信贷资产支持证券发行212.2亿元，同业存单发行 26956.5亿元。 截至8月末，债券市场托管余额192.0万亿元。其中，银行间市场托管余额169.8万亿元，交易所市场托管 余额22.2万亿元。分券种来看，国债托管余额38.4万亿元，地方政府债券托管余额53.0万亿元，金融债 券托管余额43.9万亿元，公司信用类债券托管余额34.1万亿元，信贷资产支持证券托管余额1.0万亿元， 同业存单托管余额20.4万亿元。商业银行柜台债券托管余额2225.2亿元。 ...

央行发布2025年8月份金融市场运行情况。8月份，债券市场共发行各类债券74281.4亿元。国债发行 13277.6亿元，地方政府债券发行9776.4亿元，金融债券发行11550.3亿元，公司信用类债券1发行12391.4 亿元，信贷资产支持证券发行212.2亿元，同业存单发行26956.5亿元。 截至8月末，债券市场托管余额192.0万亿元。其中,银行间市场托管余额169.8万亿元，交易所市场托管 余额22.2万亿元。分券种来看，国债托管余额38.4万亿元，地方政府债券托管余额53.0万亿元，金融债 券托管余额43.9万亿元，公司信用类债券托管余额34.1万亿元，信贷资产支持证券托管余额1.0万亿元， 同业存单托管余额20.4万亿元。商业银行柜台债券托管余额2225.2亿元。 （文章来源：第一财经） ...

Group 1 - In August 2025, the total issuance of local government bonds in China reached 980.1 billion yuan, comprising 30.56 billion yuan in general bonds and 674.5 billion yuan in special bonds [1] - From January to August 2025, the total issuance of new local government bonds amounted to 3.8874 trillion yuan, with general bonds at 620.8 billion yuan and special bonds at 3.2666 trillion yuan [1] - The total repayment of principal for local government bonds from January to August 2025 was 1.9755 trillion yuan, with 1.7027 trillion yuan repaid through refinancing bonds [1] Group 2 - As of the end of August 2025, the total local government debt balance in China was 5.32484 trillion yuan, including 1.72728 trillion yuan in general debt and 3.59756 trillion yuan in special debt [2] - The average remaining maturity of local government bonds was 10.4 years, with general bonds averaging 6.1 years and special bonds averaging 12.4 years [2] - The average interest rate for local government bonds was 2.88%, with general bonds at 2.94% and special bonds at 2.84% [2]

Core Viewpoint - The issuance scale of local government bonds in China has shown a significant upward trend since 2015, impacting macroeconomic operations and government debt risk management [1][2][3]. Group 1: Characteristics of Local Government Bond Issuance - The overall issuance scale of local government bonds has increased from 3.84 trillion yuan in 2015 to 9.78 trillion yuan in 2024, with a compound annual growth rate of 9.8%, surpassing the GDP growth rate of 6.9% during the same period [3][5]. - The balance of local government bonds has risen from 4.83 trillion yuan at the end of 2015 to 47.34 trillion yuan by the end of 2024, reflecting an 8.8-fold increase [5]. - The proportion of special bonds has increased significantly, from 25.4% in 2015 to 78.9% in 2024, indicating their growing importance in local government financing [6][7]. Group 2: Factors Driving Local Government Bond Issuance - The need to achieve economic development goals and implement macroeconomic adjustments has been a primary driver for the increase in local government bond issuance [17]. - The demand for debt replacement has led to several large-scale debt swaps, increasing the issuance of local government bonds while managing hidden debt risks [18]. - High levels of refinancing (borrowing new debt to repay old debt) have contributed to the continuous expansion of local government bond issuance [20]. Group 3: Relationship Between Bond Issuance and Debt Risk - There is a positive correlation between the scale of local government bond issuance and debt risk, where increased issuance can lead to higher debt levels and associated risks [21]. - The issuance of new bonds, replacement bonds, and refinancing bonds has different impacts on local debt risk, with new bonds generally expanding debt levels while replacement bonds can help mitigate hidden debt risks [22]. - The management of local government bond issuance should be flexible and responsive to economic conditions to balance debt risk and economic growth [22]. Group 4: Efficiency and Policy Implementation - The expansion of local government bond issuance can lead to decreased efficiency in the use of debt funds, as funds are often allocated to long-term public projects with lower immediate returns [23]. - Issues such as fund idleness and misallocation highlight the need for improved management mechanisms for local government bonds to enhance fund utilization efficiency [24]. - The effectiveness of local government bonds as a macroeconomic tool depends on appropriate issuance scales and coordination with other policy measures [25][26]. Group 5: Future Outlook - The issuance scale of local government bonds is expected to continue rising due to the need for economic development and debt management, with a focus on maintaining high issuance limits [28]. - The implementation of a "negative list" management system is anticipated to improve the efficiency of fund usage for special bonds, ensuring funds are directed towards productive projects [29]. - Continued support from accommodative monetary policy is expected to facilitate local government bond issuance, especially in light of significant refinancing pressures [30].

在存款到期日，如存款银行发生未能按规定及时足额还本付息等违约事件，应按照存款协议约定的违约 责任条款进行处理。通知还说，如果违约情况与不可抗力、外部风险事件等有关，由财政部会同中国人 民银行协商确定相关处置方案。 延伸阅读： 央行调整公开市场业务一级交易商考评办法 央行、外汇局：构建全链条市场监管制度 三家机构简化境外央行类机构开户材料 中央和地方国库现金管理商业银行定期存款质押品按债券面值计价。国债、地方政府债券、政策性金融 债券分别按国库定期存款金额的105%、110%、110%进行质押。通知称，商业银行以地方政府债券或政 策性金融债券参与国库现金管理商业银行定期存款业务，参照国债质押操作流程，按照相关规定执行。 财政部门会同有关部门加强国库现金管理商业银行定期存款风险监测与防控，重点关注相关存款银行的 经营风险和财务状况，如存款银行出现重大安全风险事件或者经营状况恶化影响资金存放安全的，财政 部门可会同同级中国人民银行及时收回资金，并在资金收回后及时解除存款银行相应的债券质押。 原标题："中国两部门：加强国库现金管理商业银行定期存款质押品管理" 中国财政部、中国人民银行近日印发《关于加强国库现金管理商业 ...

Core Viewpoint - The "6+4+2" debt reduction plan aims to address local government debt issues in China, with a total of 6.3 trillion yuan in local government bonds issued for debt reduction as of August 2025 [1][2]. Group 1: Debt Reduction Strategy - In November 2024, China will implement a comprehensive debt reduction strategy, increasing the local debt limit by 6 trillion yuan and issuing 2 trillion yuan annually from 2024 to 2026 for refinancing [1]. - The plan includes 800 billion yuan in new special bonds each year for five years, totaling 4 trillion yuan for replacing hidden debts [1]. - The strategy also involves repaying 2 trillion yuan of hidden debts related to shantytown renovations due after 2029 according to original contracts [1]. Group 2: Bond Issuance Details - In 2024, 2 trillion yuan will be issued for refinancing hidden debts, along with 501.8 billion yuan for repaying existing debts and 877.8 billion yuan in special new bonds [2]. - In 2025, approximately 1.94 trillion yuan will be issued for refinancing hidden debts, with 968 billion yuan in special new bonds, totaling 6.3 trillion yuan over two years [2]. Group 3: Provincial Debt Management - Eight provinces have disclosed over 1.5 trillion yuan in new special bonds to address overdue corporate payments, with specific allocations including 200 billion yuan in Hunan and 356 billion yuan in Yunnan [2][3]. - Other provinces such as Henan and Inner Mongolia have also allocated significant amounts for settling overdue debts, indicating a focused effort on improving local government financial health [3]. Group 4: Challenges and Future Considerations - Despite the debt reduction efforts, local government debt costs are decreasing, but some provinces still face significant interest repayment pressures due to the focus on principal replacement [5]. - The efficiency of debt funds needs improvement, as some special bonds are underutilized or misallocated, with at least 150 billion yuan earmarked for settling overdue corporate payments this year [5]. - Future policies should prioritize addressing overdue corporate payments and consider increasing bond issuance to alleviate local liquidity pressures [6].

在质押计价与比例方面。中央和地方国库现金管理商业银行定期存款质押品按债券面值计价。国债、地方政府债券、政策 性金融债券分别按国库定期存款金额的105%、110%、110%进行质押。 （编辑 张昕） 本报讯 （记者韩昱）财政部9月24日发布消息显示，财政部、中国人民银行发布《财政部 中国人民银行关于加强国库现金 管理商业银行定期存款质押品管理有关事宜的通知》（以下简称《通知》）。《通知》明确，为进一步加强国库现金管理商业 银行定期存款质押品管理，强化履约保障、完善风控机制，确保国库现金管理资金安全，在质押品范围方面，参与中央和地方 国库现金管理的商业银行取得国库定期存款，可以记账式国债、地方政府债券、政策性金融债券（包括国家开发银行、中国农 业发展银行、中国进出口银行发行的金融债券）作为质押品，其中已部分还本的债券不得作为质押品。地方政府债券不受发行 主体的限制，可以跨地域质押。 《通知》自印发之日起施行。《财政部 中国人民银行关于中央和地方国库现金管理商业银行定期存款质押品管理有关事宜 的通知》（财库〔2015〕129号）相应废止。此前中央和地方国库现金管理商业银行定期存款按原办法规定已办理完质押操作 的，不 ...