New special bonds issued by local governments in China in July this year amounted to RMB 616.936 billion ($86.4 billion), increasing by RMB 89.842 billion compared to June this year, hitting the highest monthly level recorded in 2025 so far.
Since April this year, the pace of issuance of new local government special bonds has accelerated month by month. The issuance of new special bonds has effectively supported the construction of major projects in key areas and helped maintain the resilience of infrastructure investment growth in the first half of the current year.