Bonds issued by local governments in China in the current year amounted to RMB 2.54 trillion ($0.35 trillion) as of March 25, up 89.07 percent year on year. In particular, new special bonds accounted for 31.56 percent of the overall local government bonds, as reported by local financial media.
As of March 25, new special bonds totaled RMB 801.615 billion ($111.8 billion), up 75.56 percent year on year.
On March 24, China’s Ministry of Finance (MOF) released its "Report on the Implementation of China's Fiscal Policy in 2024", mentioning that "the fiscal policy in 2025 should be more proactive and continue to exert efforts and be more effective." In particular, China will "arrange a larger scale of government bonds to provide more support for stable economic growth and structural adjustment".