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China local government bonds by province

China local government bond issuance by province, reported monthly by the Ministry of Finance.

Source: Ministry of Finance of the PRC (Debt Management Department) — Local Government Bond Issuance and Debt BalanceLast updated: Curated by Bui Thanh Phuc

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Beijing: local government bond issuance4500054701601474531312602754201341951,23002580564623054413624546702581689921901104718477012
Beijing: new bonds issued269058016004530145000207400410564690544750850222000000006850
Beijing: refinancing bonds issued23004880014701311152754201321954900217005540061245382036168992190110471848512
Beijing: principal repaid318140484056147164228119633927318244110319201723101104871991691933293241052322012012
Beijing: interest paid362672623183664913143927659251833105403861102112671110945354921
Tianjin: local government bond issuance41671960421398158179028909317823221943401963214740519536852901176143082152401671,1091,05821049436370
Tianjin: new bonds issued11940018240.390023908178232012701149000368252030950001676121101404910370
Tianjin: refinancing bonds issued48156040337415889050085002193080196172474051950278087519308215240049894869042500
Tianjin: principal repaid1050201170191255051023950791296812161236624310028832201314317695039503840
Tianjin: interest paid4428434630322842404015462639492926274012432537481918311716857145012
Hebei: local government bond issuance4569705553871514741,16288413204755176782484952042262097281581161205676490805375600339951,061171409444
Hebei: new bonds issued286049926460078400320284150484068920088590820468103205576135279670062957230236262
Hebei: refinancing bonds issued28370561239147437888410191367194241603203343015281113580100355544586002770338171173182
Hebei: principal repaid268447188380274151655929387259681371721714201206411239059112096000193226149365221
Hebei: interest paid88395369537473515253757740476649676052687131586246674346426163286745
Shanxi: local government bond issuance42029739062224624920180185242052391261071250866390431522493261301471391111901366727942012973
Shanxi: new bonds issued113972806243551180100242052016462730425400114166275014741691901616214420420
Shanxi: refinancing bonds issued900110018173740170185003862455108238504338835013009842001215166008773
Shanxi: principal repaid90181531921404736204032206848550602974771481530784971422447265740131
Shanxi: interest paid32183520252726252411222519332027241823221817312025211723122018163221
Inner Mongolia: local government bond issuance4940589327117785001051444419457223416155251194649013932361370832421669470421,20810696186359177
Inner Mongolia: new bonds issued001091190000150440126165055019400002253001821600180204551186045
Inner Mongolia: refinancing bonds issued9404812081177850010494019444669161025106490139311107064251669452421,18861450359132
Inner Mongolia: principal repaid10715243274525203277230374115741812820850111041312207142311544312110356443190
Inner Mongolia: interest paid41193733223635252462394018404021382224393020333921441721323930183418
Liaoning: local government bond issuance41180667156168221604256111390841663284151822152667061480608199298223101401773151137101,44670114332224550
Liaoning: new bonds issued7202763401181440111732810419322622045549800199015910240011371050119240102400
Liaoning: refinancing bonds issued4603901231681034602560316556313418916021522165250060802986401171773150001,3966022292122150
Liaoning: principal repaid023812555103385028912377681181692991187400242090761631236531421710767860312194226
Liaoning: interest paid32462745464328283763362745344544342530342345383945383232393220484129
Jilin: local government bond issuance411821513201417330099318691661433381990261453790374640727257876465002091,119167262222226119
Jilin: new bonds issued711475309594005618969140123260330161453202330289128538700007213167119222467
Jilin: refinancing bonds issued476879046639004312902720781660100346014161171435064650020290601430180112
Jilin: principal repaid4973860237970014402980416937000181191585065730022901440181113
Jilin: interest paid30233125303425212146253120332630312020242523282429321716292122212921
Heilongjiang: local government bond issuance4159298600444226002312741162125254274595391690051446213501870195830183253150193396090
Heilongjiang: new bonds issued149226510022600232641162010118703715500124620018700001832512012154090
Heilongjiang: refinancing bonds issued11729044400001020012515387595021400502013500019583000303018224200
Heilongjiang: principal repaid127981147000630013516510260201402075740010718600000194243132264
Heilongjiang: interest paid19222031473411163141282324213342301025242322213244241319312425212646
Shanghai: local government bond issuance424921100304369125003540043601,271000352004070579010000000019640000
Shanghai: new bonds issued249000304369125001990015908210003520040700010000000019137000
Shanghai: refinancing bonds issued0211000000015500277045000000000579000000000503000
Shanghai: principal repaid197474180004000361102373621600144035055382466553600009001751852471300
Shanghai: interest paid263327250412312112603438829235271054413226252337122603639302
Jiangsu: local government bond issuance44641,1281,2357117303971,7195680635022758045001,0394141,9202,12802,5111,08776404615970649130007633518170314424
Jiangsu: new bonds issued29870623500397919213040000580001,03909541280086576404610035913000423351003140
Jiangsu: refinancing bonds issued1664221,0007117300800355023502270450004149662,00002,5112220005970290000340081700424
Jiangsu: principal repaid568358175731082652702530183316121153214610023341146880106190438480309658303294261197
Jiangsu: interest paid1086181837111162677178949250847860935261747473616864834461529163836454
Zhejiang: local government bond issuance43957157204404494585421,4322604523351731,0461,07837588124801,37401,499567491355350496055715916829801,03267290621502
Zhejiang: new bonds issued175381710133322484926079726320210964384837569424805600395543430204173412048215920007594840472100
Zhejiang: refinancing bonds issued22033410308417210508251621901336540423001870081401,1042462151176840760148298027318890149403
Zhejiang: principal repaid3971919314960190097125182298277237136361000981102129713091931101913118545127592156370
Zhejiang: interest paid82857791707366748363926963787770734961895761775760627055578355518163
Anhui: local government bond issuance4210375693945245290057408210372878699561565433342022605854788963351404900064071,10835154645727
Anhui: new bonds issued7237527419724514701930005045732924833553219020905858667385514000020031214138010127
Anhui: refinancing bonds issued138041974901430381082103224213703132303801240170039222248004900062077972111663560
Anhui: principal repaid144494127132230001161632781212630301080080404278004011240014971321453220162
Anhui: interest paid55438446236636474920835434863920653045756042703233582521207658506834
Fujian: local government bond issuance420033612128129512127291048402150881055616409776756677254970317019853003743282928766776
Fujian: new bonds issued00298109129621272020197080065705569905311100725116020000140044013605610
Fujian: refinancing bonds issued200333141904500890288013502250065044656566703810117019839003313281558710576
Fujian: principal repaid22750359100702291340102352131317650061710424128100249049213931629611494
Fujian: interest paid51497041224749562826555041743224483926573349732819514924146426506515
Jiangxi: local government bond issuance4335218165268216885107427563294742736057713805442200907427284118130254307610391567851919839490
Jiangxi: new bonds issued1481790264066330002754959474147380771380016708052897001302540003603421919822690
Jiangxi: refinancing bonds issued18739165042102522074013700125225000544530102138214118003076103156443001670
Jiangxi: principal repaid1331200046115090159011316212700580001502631360036103046901381030
Jiangxi: interest paid48394635583832383149364342423355382730323746383144422728323631493535
Shandong: local government bond issuance41,120381439535479741591,5171823674234384445339307025571,531824401,4552941,22557652860528037663825006056531,241263420265
Shandong: new bonds issued338217332152232177561,0761062614043463364866741314411,05282791272941,086772753112803630250028148543111121359
Shandong: refinancing bonds issued78216410838324856334417510619921084725757211647903611,328013949925329401363800324168810152207206
Shandong: principal repaid57694189146161382048201091135421830950007320576197270322392643901718551790414347
Shandong: interest paid1701067612483938447758075161906912675738055561658067106836635495669134746884
Henan: local government bond issuance496694254652547444805022681285682447327751714503093863535444042802459101332210247813743873281,0470417441
Henan: new bonds issued501901521510633190185672307388741588514400386016639415424552000008128213107150158239
Henan: refinancing bonds issued466410150254738148604114154943639911943100309035337811126039013322102470922563283320259202
Henan: principal repaid39717804145801970021937944720302740164065121471244710218260003303330261203
Henan: interest paid80407984584346436536647037787651373960556735706853362243345952356950
Hubei: local government bond issuance441921074844818249845324901,0301102261352305383094221333481,01207012972343206560316236122417320349960349216
Hubei: new bonds issued01103565764112287145094247160031903038995610611297032030601272360417033172027850
Hubei: refinancing bonds issued41910039239111838616610408862210135230219309119126249451090023403500189012203201823072166
Hubei: principal repaid1752372731011562346011901772413684221555009603232021019150160014851378295369174
Hubei: interest paid34508446396927712739683851873933662327604240674635584525316741387435
Hunan: local government bond issuance48024254433436501,39546427606106669984071201,223002421,335490939280922831132641000765988343469129755416
Hunan: new bonds issued406078342508090466022336629817105730010002419390521025522110008634510863129273144
Hunan: refinancing bonds issued396425365034005874602100387300700236120650001421,3352490280401815843006796432354060481272
Hunan: principal repaid72734161388278013213310228032224215001050269032521231705002000275406126356272
Hunan: interest paid62505462734542437786564849586559423770534156595852363056525646575854
Guangdong: local government bond issuance41,2152811,0454632109428641,0551274047811,497639559620861984844041,18101,0471,046595511,664455151,054560642022,302210461,242
Guangdong: new bonds issued1,20609591152106915849731092324441,374568349271744983023841,18101,039944593561,20205157660002021,716046717
Guangdong: refinancing bonds issued928186348025028182181723371237020934811701822000810201944624502885606405862100525
Guangdong: principal repaid29593264251106135273811651069425536411612222160862120157269292394449161146648210294412
Guangdong: interest paid13112171132828510155118100641281146312285609611140126110631078138499492311121027277
Guangxi: local government bond issuance43560225149407237579524415275362932851344580515135003302270116279028602920673052536727984
Guangxi: new bonds issued112022550257447101388751980881234130079002352270308002860283000255027984
Guangxi: refinancing bonds issued244009915019350852316401659319811450515560095008719900090673027036700
Guangxi: principal repaid18701100351772133200175235932340061035101019502200153950055249367267102
Guangxi: interest paid61223365154154323828376322326114345236286325236612322034112659302411

Latest reading

The series on this page is monthly and runs from Nov 2020 to Aug 2026. Source: Ministry of Finance of the PRC (Debt Management Department) — Local Government Bond Issuance and Debt Balance.

About this data

China local government bond issuance by province, reported monthly by the Ministry of Finance. Each regional entry breaks down total issuance into new bonds and refinancing bonds, alongside principal repaid and interest paid. Series are reported in hundred million yuan and cover all provinces, autonomous regions and municipalities monthly since 2020. Provincial totals include separately-planned cities such as Shenzhen, Qingdao, Ningbo, Xiamen and Dalian.

Frequently asked questions

What is the latest figure for China local government bonds by province?
Guangdong: local government bond issuance stood at 1,215 100 million yuan in Aug 2026. That is +332.4% from Jul 2026 and +90.1% from a year earlier.
How far back does the China local government bonds by province data go?
The series on this page is monthly and runs from Nov 2020 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 bond issuance by province table measure?
This table tracks monthly bond financing by China's provincial governments, recording total local government bond issuance, new bonds issued, and refinancing bonds. It also reports debt service cash flows, specifically principal repaid at maturity and interest paid during the month across each province and municipality.
What is the difference between new bonds and refinancing bonds in China's local government bond data?
In China, new local government bonds represent fresh borrowing approved under annual debt quotas to fund public infrastructure and public interest investment projects. Refinancing bonds are issued strictly to repay the principal of maturing existing local government debt rather than financing new expenditure.
Which provincial jurisdictions are included in China's local government bond dataset?
The dataset covers all provincial-level administrative divisions in mainland China, including provinces, autonomous regions, and directly administered municipalities. Bond issuance and debt service for cities with separate state planning, such as Shenzhen, Dalian, Qingdao, Ningbo, and Xiamen, are incorporated into their respective provincial totals.