Ministry of Finance: National issuance of new bonds in May reached 491.9 billion yuan, with special bonds accounting for 443.2 billion yuan.

On June 27, the Ministry of Finance released the issuance and debt balance of local government bonds in May 2025. In May 2025, a total of 491.9 billion yuan in new bonds were issued nationwide, including 48.7 billion yuan in general bonds and 443.2 billion yuan in special bonds. A total of 287.6 billion yuan in refinancing bonds were issued nationwide, including 211.3 billion yuan in general bonds and 76.3 billion yuan in special bonds. In total, local government bonds amounting to 779.5 billion yuan were issued nationwide, with 260 billion yuan in general bonds and 519.5 billion yuan in special bonds. As of the end of May 2025, the total outstanding debt of local governments nationwide was 5.12475 trillion yuan. Of this amount, general debt amounted to 1.71838 trillion yuan and special debt amounted to 3.40637 trillion yuan. Government bonds accounted for 5.10871 trillion yuan, while non-government bond forms of government debt amounted to 1.604 trillion yuan. The remaining average maturity of local government bonds as of the end of May 2025 was 10.1 years, with general bonds at 5.9 years and special bonds at 12.2 years. The average interest rate was 2.96%, with general bonds at 3.04% and special bonds at 2.91%.