China local government debt and bonds
China's local government debt and bond issuance, updated monthly by the Ministry of Finance.
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| Indicator | 08-2026 | 07-2026 | 06-2026 | 05-2026 | 04-2026 | 03-2026 | 02-2026 | 01-2026 | 12-2025 | 11-2025 | 10-2025 | 09-2025 | 08-2025 | 07-2025 | 06-2025 | 05-2025 | 04-2025 | 03-2025 | 02-2025 | 01-2025 | 12-2024 | 11-2024 | 10-2024 | 09-2024 | 08-2024 | 07-2024 | 06-2024 | 05-2024 | 04-2024 | 03-2024 | 02-2024 | 01-2024 | 12-2023 | 11-2023 | 10-2023 | 09-2023 | 08-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Issuance in the month3 | ||||||||||||||||||||||||||||||||||||||
| Local government bond issuance4 | 11,945 | 7,383 | 11,487 | 8,047 | 8,113 | 10,843 | 11,582 | 8,634 | 2,837 | 9,127 | 5,680 | 8,619 | 9,801 | 12,135 | 11,753 | 7,795 | 6,933 | 9,788 | 13,057 | 5,575 | 10,913 | 13,141 | 6,861 | 12,893 | 12,091 | 7,108 | 6,714 | 9,036 | 3,439 | 6,295 | 5,600 | 3,845 | 1,956 | 6,672 | 13,963 | 7,751 | 13,159 | |
| Local government bond issuance: general bonds | 3,025 | 1,345 | 2,230 | 2,568 | 2,863 | 3,115 | 2,359 | 1,875 | 1,108 | 2,762 | 1,735 | 2,260 | 3,056 | 3,449 | 3,684 | 2,600 | 1,407 | 1,748 | 1,176 | 1,178 | 823 | 834 | 2,202 | 1,674 | 2,533 | 2,165 | 1,632 | 2,436 | 1,335 | 1,946 | 1,156 | 1,938 | 596 | 2,101 | 8,312 | 1,126 | 3,340 | |
| Local government bond issuance: special bonds | 8,920 | 6,038 | 9,257 | 5,479 | 5,250 | 7,728 | 9,223 | 6,759 | 1,729 | 6,365 | 3,945 | 6,359 | 6,745 | 8,686 | 8,069 | 5,195 | 5,526 | 8,040 | 11,881 | 4,397 | 10,090 | 12,307 | 4,659 | 11,219 | 9,558 | 4,943 | 5,082 | 6,600 | 2,104 | 4,349 | 4,444 | 1,907 | 1,360 | 4,571 | 5,651 | 6,625 | 9,819 | |
| New bonds issued2 | 6,440 | 4,041 | 6,128 | 1,862 | 2,286 | 3,853 | 6,061 | 4,285 | 1,732 | 5,338 | 3,132 | 4,741 | 5,715 | 7,032 | 6,281 | 4,919 | 2,534 | 4,375 | 4,966 | 3,053 | 453 | 1,051 | 3,385 | 11,371 | 9,474 | 3,200 | 3,731 | 4,819 | 1,285 | 2,664 | 4,006 | 1,754 | 1,106 | 2,109 | 2,267 | 4,240 | 7,143 | |
| New bonds issued: general bonds | 1,227 | 629 | 412 | 254 | 542 | 496 | 1,496 | 608 | 383 | 416 | 183 | 550 | 825 | 863 | 1,010 | 487 | 233 | 740 | 1,046 | 1,005 | 242 | 195 | 394 | 1,042 | 1,423 | 385 | 404 | 436 | 402 | 356 | 540 | 1,186 | 185 | 257 | 83 | 620 | 1,136 | |
| New bonds issued: special bonds | 5,213 | 3,412 | 5,716 | 1,608 | 1,744 | 3,357 | 4,565 | 3,677 | 1,349 | 4,922 | 2,949 | 4,191 | 4,890 | 6,169 | 5,271 | 4,432 | 2,301 | 3,635 | 3,920 | 2,048 | 211 | 856 | 2,991 | 10,329 | 8,051 | 2,815 | 3,327 | 4,383 | 883 | 2,308 | 3,466 | 568 | 921 | 1,852 | 2,184 | 3,620 | 6,007 | |
| Refinancing bonds issued (incl. swap bonds before 2021)2 | 5,505 | 3,342 | 5,359 | 6,185 | 5,827 | 6,990 | 5,521 | 4,349 | 1,105 | 3,789 | 2,548 | 3,878 | 4,086 | 5,103 | 5,472 | 2,876 | 4,399 | 5,413 | 8,091 | 2,522 | 10,460 | 12,090 | 3,476 | 1,522 | 2,617 | 3,908 | 2,983 | 4,217 | 2,154 | 3,631 | 1,594 | 2,091 | 850 | 4,563 | 11,696 | 3,511 | 6,016 | |
| Refinancing bonds issued (incl. swap bonds before 2021): general bonds | 1,798 | 716 | 1,818 | 2,314 | 2,321 | 2,619 | 863 | 1,267 | 725 | 2,346 | 1,552 | 1,710 | 2,231 | 2,586 | 2,674 | 2,113 | 1,174 | 1,008 | 130 | 173 | 581 | 639 | 1,808 | 632 | 1,110 | 1,780 | 1,228 | 2,000 | 933 | 1,590 | 616 | 752 | 411 | 1,844 | 8,229 | 506 | 2,204 | |
| Refinancing bonds issued (incl. swap bonds before 2021): special bonds | 3,707 | 2,626 | 3,541 | 3,871 | 3,506 | 4,371 | 4,658 | 3,082 | 380 | 1,443 | 996 | 2,168 | 1,855 | 2,517 | 2,798 | 763 | 3,225 | 4,405 | 7,961 | 2,349 | 9,879 | 11,451 | 1,668 | 890 | 1,507 | 2,128 | 1,755 | 2,217 | 1,221 | 2,041 | 978 | 1,339 | 439 | 2,719 | 3,467 | 3,005 | 3,812 | |
| Average issuance maturity2 | 13.3 | 15.7 | 15.4 | 13.5 | 13.1 | 15.4 | 17.2 | 17.7 | 11.9 | 14.6 | 14.8 | 16.8 | 14.4 | 14.6 | 13.9 | 14.2 | 15.8 | 17.3 | 17.4 | 16.4 | 18.4 | 17 | 15.5 | 15 | 14.2 | 10.2 | 11.9 | 13.7 | 11.6 | 12.8 | 15.3 | 8.7 | 10.2 | 10.5 | 9.7 | 12.5 | 12.6 | |
| Average issuance maturity: general bonds | 8.9 | 8.6 | 8.8 | 7.9 | 8 | 9 | 9.1 | 9 | 8.3 | 9.2 | 9.1 | 8.4 | 8.9 | 8.7 | 9.2 | 8.4 | 8.4 | 8.9 | 8.7 | 9.2 | 9.2 | 8.7 | 8.4 | 9.2 | 8.4 | 8.2 | 8.4 | 8.2 | 7.8 | 8.2 | 9.1 | 8 | 6.1 | 6.4 | 6.9 | 7.6 | 7.3 | |
| Average issuance maturity: special bonds | 14.8 | 17.2 | 17 | 16.1 | 15.9 | 17.9 | 19.3 | 20.1 | 14.2 | 17 | 17.3 | 19.8 | 16.8 | 16.9 | 16 | 17.1 | 17.7 | 19.2 | 18.3 | 18.3 | 19.1 | 17.6 | 18.9 | 15.9 | 15.8 | 11 | 13 | 15.7 | 14.1 | 14.9 | 16.9 | 9.4 | 12 | 12.4 | 13.9 | 13.3 | 14.3 | |
| Average issuance rate2 | 1.83 | 1.97 | 1.98 | 1.96 | 1.98 | 2.14 | 2.18 | 2.19 | 2.05 | 2.08 | 2.12 | 2.18 | 2.04 | 1.85 | 1.8 | 1.87 | 1.92 | 2.09 | 1.93 | 1.87 | 2.13 | 2.23 | 2.24 | 2.15 | 2.24 | 2.24 | 2.34 | 2.45 | 2.41 | 2.46 | 2.57 | 2.6 | 2.83 | 2.93 | 2.92 | 2.81 | 2.74 | |
| Average issuance rate: general bonds | 1.68 | 1.71 | 1.73 | 1.7 | 1.77 | 1.9 | 1.91 | 1.88 | 1.94 | 1.93 | 1.99 | 2.01 | 1.89 | 1.72 | 1.71 | 1.73 | 1.76 | 1.91 | 1.7 | 1.73 | 1.84 | 2.09 | 2.13 | 2.08 | 2.15 | 2.24 | 2.3 | 2.35 | 2.34 | 2.41 | 2.54 | 2.58 | 2.73 | 2.81 | 2.86 | 2.73 | 2.63 | |
| Average issuance rate: special bonds | 1.88 | 2.03 | 2.04 | 2.09 | 2.1 | 2.24 | 2.25 | 2.28 | 2.12 | 2.15 | 2.18 | 2.25 | 2.11 | 1.9 | 1.84 | 1.94 | 1.96 | 2.14 | 1.95 | 1.91 | 2.15 | 2.24 | 2.3 | 2.16 | 2.27 | 2.24 | 2.35 | 2.48 | 2.45 | 2.48 | 2.57 | 2.63 | 2.87 | 2.99 | 2.99 | 2.82 | 2.78 | |
| Debt service in the month2 | ||||||||||||||||||||||||||||||||||||||
| Principal repaid at maturity | 5,400 | 2,678 | 5,236 | 2,733 | 4,561 | 4,191 | 1,420 | 1,186 | 2,636 | 2,569 | 4,108 | 4,975 | 4,011 | 4,725 | 2,251 | 1,652 | 996 | 330 | 459 | 1,328 | 1,104 | 1,787 | 3,804 | 5,197 | 4,454 | 2,687 | 2,890 | 3,447 | 1,467 | 974 | 1,297 | 1,948 | 6,235 | 5,913 | ||||
| Interest paid | 1,617 | 1,284 | 1,454 | 1,451 | 1,170 | 1,359 | 1,205 | 1,133 | 1,216 | 1,303 | 1,328 | 1,549 | 1,183 | 1,422 | 1,393 | 1,099 | 1,217 | 1,046 | 931 | 1,089 | 1,177 | 1,156 | 1,430 | 1,200 | 1,333 | 1,269 | 1,066 | 1,110 | 916 | 863 | 892 | 901 | 1,173 | 1,351 | ||||
| Outstanding debt (end of month)3 | ||||||||||||||||||||||||||||||||||||||
| Local government debt outstanding4 | 598,955 | 592,411 | 587,706 | 581,453 | 576,139 | 565,936 | 555,774 | 548,231 | 546,597 | 540,106 | 536,995 | 532,484 | 527,627 | 519,503 | 512,475 | 506,931 | 501,650 | 480,131 | 475,371 | 464,974 | 453,160 | 447,403 | 436,297 | 428,009 | 426,098 | 423,838 | 417,489 | 416,940 | 409,959 | |||||||||
| Local government debt outstanding: general debt | 179,194 | 178,533 | 178,413 | 178,881 | 177,943 | 177,703 | 176,238 | 175,120 | 174,509 | 173,289 | 173,119 | 172,728 | 172,483 | 171,704 | 171,838 | 170,692 | 170,225 | 168,069 | 167,013 | 166,293 | 166,016 | 164,491 | 163,635 | 162,425 | 162,582 | 162,693 | 161,677 | 161,585 | 160,203 | |||||||||
| Local government debt outstanding: special debt | 419,761 | 413,878 | 409,293 | 402,572 | 398,196 | 388,233 | 379,536 | 373,111 | 372,088 | 366,817 | 363,876 | 359,756 | 355,144 | 347,799 | 340,637 | 336,239 | 331,425 | 312,062 | 308,358 | 298,681 | 287,144 | 282,912 | 272,662 | 265,584 | 263,516 | 261,145 | 255,812 | 255,355 | 249,756 | |||||||||
| Local government debt outstanding: government bonds | 597,336 | 590,792 | 586,087 | 579,835 | 574,521 | 564,318 | 554,156 | 546,613 | 544,962 | 538,471 | 535,360 | 530,849 | 526,023 | 517,899 | 510,871 | 505,327 | 500,046 | 478,527 | 473,766 | 463,312 | 451,498 | 445,741 | 434,635 | 426,347 | 424,436 | 422,176 | 415,827 | 415,278 | 408,297 | |||||||||
| Local government debt outstanding: non-bond government debt | 1,619 | 1,619 | 1,619 | 1,618 | 1,618 | 1,618 | 1,618 | 1,618 | 1,635 | 1,635 | 1,635 | 1,635 | 1,604 | 1,604 | 1,604 | 1,604 | 1,604 | 1,604 | 1,604 | 1,662 | 1,662 | 1,662 | 1,662 | 1,662 | 1,662 | 1,662 | 1,662 | 1,662 | 1,662 | |||||||||
| Average remaining maturity of local government bonds2 | 10.9 | 10.8 | 10.8 | 10.7 | 10.7 | 10.7 | 10.6 | 10.5 | 10.5 | 10.5 | 10.5 | 10.5 | 10.4 | 10.3 | 10.2 | 10.1 | 10.1 | 10 | 10 | 9.8 | 9.8 | 9.7 | 9.6 | 9.5 | 9.4 | 9.3 | 9.3 | 9.2 | 9.1 | 9.1 | 9.1 | 9.1 | 9.1 | 9.2 | 9.2 | 9.2 | 9.1 | |
| Average remaining maturity of local government bonds: general bonds | 6.3 | 6.2 | 6.2 | 6.2 | 6.2 | 6.2 | 6.1 | 6.1 | 6.1 | 6.2 | 6.2 | 6.2 | 6.1 | 6.1 | 6 | 5.9 | 5.9 | 5.9 | 5.9 | 6 | 6.1 | 6.1 | 6.2 | 6.2 | 6.2 | 6.2 | 6.2 | 6.2 | 6.2 | 6.2 | 6.2 | 6.2 | 6.3 | 6.4 | 6.4 | 6.4 | 6.5 | |
| Average remaining maturity of local government bonds: special bonds | 12.9 | 12.8 | 12.8 | 12.7 | 12.7 | 12.7 | 12.6 | 12.5 | 12.5 | 12.5 | 12.5 | 12.5 | 12.4 | 12.3 | 12.2 | 12.2 | 12.2 | 12.2 | 12.1 | 11.9 | 11.9 | 11.7 | 11.5 | 11.4 | 11.3 | 11.2 | 11.1 | 11.1 | 11 | 11 | 10.9 | 10.9 | 10.9 | 11 | 11 | 11 | 10.8 | |
| Average interest rate of outstanding local government bonds2 | 2.71 | 2.73 | 2.74 | 2.76 | 2.78 | 2.79 | 2.81 | 2.82 | 2.83 | 2.84 | 2.85 | 2.86 | 2.88 | 2.9 | 2.93 | 2.96 | 2.98 | 2.99 | 3.01 | 3.04 | 3.05 | 3.08 | 3.1 | 3.12 | 3.15 | 3.18 | 3.2 | 3.21 | 3.23 | 3.24 | 3.26 | 3.27 | 3.27 | 3.27 | 3.28 | 3.29 | 3.31 | |
| Average interest rate of outstanding local government bonds: general bonds | 2.75 | 2.77 | 2.78 | 2.79 | 2.81 | 2.84 | 2.86 | 2.87 | 2.89 | 2.89 | 2.91 | 2.92 | 2.94 | 2.97 | 3 | 3.04 | 3.07 | 3.08 | 3.09 | 3.1 | 3.11 | 3.12 | 3.13 | 3.14 | 3.16 | 3.17 | 3.2 | 3.21 | 3.23 | 3.24 | 3.25 | 3.26 | 3.26 | 3.27 | 3.27 | 3.29 | 3.3 | |
| Average interest rate of outstanding local government bonds: special bonds | 2.7 | 2.72 | 2.73 | 2.75 | 2.76 | 2.77 | 2.78 | 2.8 | 2.81 | 2.81 | 2.82 | 2.83 | 2.84 | 2.86 | 2.89 | 2.91 | 2.93 | 2.95 | 2.97 | 3.01 | 3.02 | 3.05 | 3.09 | 3.1 | 3.14 | 3.18 | 3.2 | 3.22 | 3.24 | 3.25 | 3.26 | 3.27 | 3.28 | 3.28 | 3.28 | 3.29 | 3.32 |
Latest reading
The series on this page is monthly and runs from Mar 2018 to Aug 2026. Source: Ministry of Finance of the PRC (Debt Management Department) — Local Government Bond Issuance and Debt Balance.
About this data
China's local government debt and bond issuance, updated monthly by the Ministry of Finance. The dataset tracks monthly issuance broken down by new and refinancing bonds across general and special categories, alongside average issuance maturity and rates. It also covers outstanding debt split by general and special debt, principal repaid at maturity, interest paid, and remaining bond maturity since 2018.
Frequently asked questions
- What is the latest figure for China local government debt and bonds?
- Local government debt outstanding stood at 598,955 100 million yuan in Aug 2026. That is +1.1% from Jul 2026 and +12.5% from a year earlier.
- How far back does the China local government debt and bonds data go?
- The series on this page is monthly and runs from Mar 2018 to Aug 2026. Source: Ministry of Finance of the PRC (Debt Management Department) — Local Government Bond Issuance and Debt Balance. Every series in the table can be charted over its full history and downloaded as CSV or Excel.
- What does China's local government debt data cover?
- China's local government debt dataset from the Ministry of Finance covers monthly bond issuance, debt service payments, and total outstanding debt. It details new bonds, refinancing bonds, general bonds, special bonds, average issuance maturities, and average interest rates.
- How are general bonds and special bonds distinguished in China?
- In China, general bonds fund public welfare projects and are repaid from general public budget revenues, whereas special bonds finance specific commercial or infrastructure projects and are repaid from the project revenue or designated government funds.
- What debt service metrics are tracked for China local government bonds?
- For China local government bonds, the table tracks principal repaid at maturity and interest paid during each month, as well as the average remaining maturity of outstanding debt.