New bonds issued by local governments in China in December last year amounted to RMB 173.2 billion ($24.9 billion), accounting for 61.05 percent of the overall bonds issued by local governments, according to China’s Ministry of Finance.
In 2025, new bonds issued by local governments in China totaled RMB 5.3817 trillion ($0.77 trillion). In the given year, the proceeds from newly issued local government bonds were primarily channeled into the two critical areas of project construction and local government debt reduction.