Ministry of Finance: From January to April 2025, a total of 1.4927 trillion yuan of new local government bonds were issued nationwide.

On May 28th, the Ministry of Finance released the situation of local government bond issuance and debt balance in April 2025. The data shows that from January to April 2025, a total of 1.4927 trillion yuan of local government bonds were issued nationwide, including 302.3 billion yuan of general bonds and 1.1904 trillion yuan of special bonds. Nationwide, refinancing bonds totaling 2.427 trillion yuan were issued, with 248.6 billion yuan in general bonds and 1.7941 trillion yuan in special bonds. The total issuance of local government bonds nationwide was 3.5354 trillion yuan, including 550.9 billion yuan of general bonds and 2.9845 trillion yuan of special bonds. The original text is as follows: Situation of local government bond issuance and debt balance in April 2025 I. National local government bond issuance situation 1. Monthly issuance situation In April 2025, a total of 253.4 billion yuan of bonds were issued nationwide, including 23.3 billion yuan of general bonds and 230.1 billion yuan of special bonds. Refinancing bonds totaling 4.399 trillion yuan were issued nationwide, with 1.174 trillion yuan in general bonds and 3.225 trillion yuan in special bonds. In total, local government bonds totaling 6.933 trillion yuan were issued nationwide, including 1.407 trillion yuan of general bonds and 5.526 trillion yuan of special bonds. In April 2025, the average maturity of local government bonds was 15.8 years, with 8.4 years for general bonds and 17.7 years for special bonds. In April 2025, the average issuance interest rate of local government bonds was 1.92%, with 1.76% for general bonds and 1.96% for special bonds. 2. Issuance situation from January to April From January to April 2025, a total of 1.4927 trillion yuan of local government bonds were issued nationwide, including 302.3 billion yuan of general bonds and 1.1904 trillion yuan of special bonds. Refinancing bonds totaling 2.427 trillion yuan were issued nationwide, with 248.6 billion yuan in general bonds and 1.7941 trillion yuan in special bonds. The total issuance of local government bonds nationwide was 3.5354 trillion yuan, including 550.9 billion yuan of general bonds and 2.9845 trillion yuan of special bonds. From January to April 2025, the average maturity of local government bonds was 16.9 years, with 8.8 years for general bonds and 18.4 years for special bonds. From January to April 2025, the average issuance interest rate of local government bonds was 1.96%, with 1.79% for general bonds and 2.00% for special bonds. 3. Redemption and interest payment situation from January to April From January to April 2025, a total of 379.3 billion yuan of principal was repaid for local government bonds, including 312.4 billion yuan for refinancing bonds and 66.9 billion yuan for repayment using fiscal funds. In April, a total of 165.2 billion yuan of principal was repaid. From January to April 2025, a total of 431.6 billion yuan of interest was paid for local government bonds. In April, a total of 109.9 billion yuan of interest was paid for local government bonds. II. National local government debt balance situation Approved by the Third Session of the Fourteenth National People's Congress, the national local government debt limit in 2025 is 57.98743 trillion yuan, including 1.8068922 trillion yuan for general debt and 3.9918508 trillion yuan for special debt. As of the end of April 2025, the total balance of national local government debt was 50.6931 trillion yuan, including 1.70692 trillion yuan of general debt and 3.36239 trillion yuan of special debt; government bonds accounted for 50.5327 trillion yuan, while non-government bond forms held 1.604 trillion yuan of government debt. As of the end of April 2025, the remaining average maturity of local government bonds was 10.1 years, with 5.9 years for general bonds and 12.2 years for special bonds; the average interest rate was 2.98%, with 3.07% for general bonds and 2.93% for special bonds. This article is sourced from the official website of the Ministry of Finance and edited by GMTEight: Chen Xiaoyi.