Fiscal Department: 1-6 months National Issuance of New Local Government Bonds Totaled 26127 Billion Yuan

According to an APP for financial news, on July 30th, the Fiscal Department released data showing that in June 2025, national issuance of new bonds reached 6281 billion yuan, with general bonds totaling 1010 billion yuan and specialized bonds totaling 5271 billion yuan. The national issuance of refinancing bonds reached 5472 billion yuan, with general bonds accounting for 2674 billion yuan and specialized bonds accounting for 2798 billion yuan. In total, the national issuance of local government bonds reached 11753 billion yuan, with general bonds accounting for 3684 billion yuan and specialized bonds accounting for 8069 billion yuan.

Original text is as follows：

Local Government Bond Issuance and Debt Balance Situation in June 2025

One, National Local Government Bond Issuance Situation

(I) Monthly issuance situation.

In June 2025, national issuance of new bonds reached 6281 billion yuan, with general bonds totaling 1010 billion yuan and specialized bonds totaling 5271 billion yuan. The national issuance of refinancing bonds reached 5472 billion yuan, with general bonds accounting for 2674 billion yuan and specialized bonds accounting for 2798 billion yuan. In total, the national issuance of local government bonds reached 11753 billion yuan, with general bonds accounting for 3684 billion yuan and specialized bonds accounting for 8069 billion yuan.

In June 2025, local government bonds had an average maturity period of 13.9 years, with general bonds averaging 9.2 years and specialized bonds averaging 16.0 years.

In June 2025, the average interest rate on local government bonds was 1.80%, with general bonds at 1.71% and specialized bonds at 1.84%.

(II) 1-6 month issuance situation.

In 2025 from January to June, national issuance of new local government bonds reached 26127 billion yuan, with general bonds totaling 4520 billion yuan and specialized bonds totaling 21607 billion yuan. The national issuance of refinancing bonds reached 28775 billion yuan, with general bonds accounting for 7273 billion yuan and specialized bonds accounting for 21502 billion yuan. In total, the national issuance of local government bonds reached 54902 billion yuan, with general bonds accounting for 11793 billion yuan and specialized bonds accounting for 43109 billion yuan.

In 2025 from January to June, local government bonds had an average maturity period of 15.9 years, with general bonds averaging 8.8 years and specialized bonds averaging 17.8 years.

In 2025 from January to June, the average interest rate on local government bonds was 1.92%, with general bonds at 1.75% and specialized bonds at 1.96%.

(III) 1-6 month repayment situation.

From January to June 2025, local government bonds repaid principal totaling 10769 billion yuan, including refinancing bond repayments of 9297 billion yuan and fiscal fund arrangements for debt repayment totaling 1472 billion yuan. The monthly repayment amount was 4725 billion yuan.

From January to June 2025, local government bonds paid interest totaling 7131 billion yuan, with the monthly payment amount reaching 1422 billion yuan.

Two, National Local Government Debt Balance Situation

In accordance with the approval of the 14th National People's Congress Third Meeting, the national debt ceiling for local governments in 2025 was set at 579874.3 billion yuan, with general debt totaling 180689.22 billion yuan and specialized debt totaling 399185.08 billion yuan.

As of June 30th, 2025, the outstanding debt balance reached 519503 billion yuan, with general debt accounting for 171704 billion yuan and specialized debt accounting for 347799 billion yuan; government bond outstanding debt accounted for 517899 billion yuan, while non-government bond outstanding debt accounted for 1604 billion yuan.

As of June 30th, 2025, the average remaining term on local government bonds was 10.2 years, with general bonds averaging 6.0 years and specialized bonds averaging 12.2 years; the average interest rate reached 2.93%, with general bonds at 3.00% and specialized bonds at 2.89%.

Notes:

• 1. Some data is rounded to four decimal places.
• 2. The outstanding debt balance for local governments during the year is based on local statistical data.
• 3. Local government bond issuance data is based on provincial government successful issuance of local government bonds.
• 4. Interest payment data for local government bonds is based on bond interest dates.
• 5. The outstanding debt balance and the previous month's comparison may have changes, mainly due to the new local government debt limit approved by the State Council in 2025, which led to local governments issuing new local government bonds accordingly.