Ministry of Finance: Local government bonds totaling 861.9 billion yuan were issued nationwide in September.

On October 24th, the Ministry of Finance released the issuance and debt balance of local government bonds in September 2025. The data shows that in September 2025, a total of 474.1 billion yuan in new bonds were issued nationwide, including 55 billion yuan in general bonds and 419.1 billion yuan in special bonds. Nationwide, a total of 387.8 billion yuan in refinancing bonds were issued, with 171 billion yuan in general bonds and 216.8 billion yuan in special bonds. In total, local government bonds worth 861.9 billion yuan were issued nationwide, including 226 billion yuan in general bonds and 635.9 billion yuan in special bonds. The original text states: Situation of Local Government Bond Issuance and Debt Balance in September 2025 I. Issuance of Local Government Bonds Nationwide 1. Monthly Issuance In September 2025, a total of 474.1 billion yuan in new bonds were issued nationwide, including 55 billion yuan in general bonds and 419.1 billion yuan in special bonds. A total of 387.8 billion yuan in refinancing bonds were issued nationwide, including 171 billion yuan in general bonds and 216.8 billion yuan in special bonds. In total, local government bonds worth 861.9 billion yuan were issued nationwide, including 226 billion yuan in general bonds and 635.9 billion yuan in special bonds. In September 2025, the average issuance maturity of local government bonds was 16.8 years, with 8.4 years for general bonds and 19.8 years for special bonds. In September 2025, the average issuance interest rate of local government bonds was 2.18%, with 2.01% for general bonds and 2.25% for special bonds. 2. Issuance from January to September From January to September 2025, a total of 43.615 trillion yuan in new local government bonds were issued nationwide, including 6.758 trillion yuan in general bonds and 36.857 trillion yuan in special bonds. A total of 41.842 trillion yuan in refinancing bonds were issued nationwide, including 13.799 trillion yuan in general bonds and 28.043 trillion yuan in special bonds. In total, local government bonds worth 85.457 trillion yuan were issued nationwide, including 20.557 trillion yuan in general bonds and 64.9 trillion yuan in special bonds. In September 2025, the average issuance maturity of local government bonds was 15.6 years, with 8.8 years for general bonds and 17.8 years for special bonds. In September 2025, the average issuance interest rate of local government bonds was 1.95%, with 1.79% for general bonds and 1.99% for special bonds.