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Local government bond issuance and debt balance in October 2019

Source: Ministry of Finance Release time: 2019-11-29

I. Issuance and use of local government bonds nationwide

(I) Issuance of the month.

In October 2019, 96.46 billion yuan of local government bonds were issued nationwide. Among them, 79.576 billion yuan of general bonds were issued, and 16.884 billion yuan of special bonds were issued. According to purpose, unissued new bonds, replacement bonds and refinancing bonds were issued (used to repay the principal of local government bonds due, the same below) 964.6 100 million yuan.

In October 2019, the average maturity of local government bonds was 17.3 years.

In October 2019, the average issuance rate of local government bonds was 3.69%.

(2) Issuance from January to October.

From January to October 2019, local government bonds were issued at 4,278.7 billion yuan. Among them, RMB 1727.2 billion was issued for general bonds and RMB 25315 billion was issued for special bonds. According to the purpose, RMB 3,367 billion was added (including RMB 907 billion in new general bonds and RMB 2,179.7 billion in new special bonds), replacement bonds and Refinancing bonds amounted to 124.2 billion yuan.

From January to October 2019, the average maturity of local government bonds is 10.1 years, of which 12.0 are general bonds and 8.9 years are special bonds.

From January to October 2019, the average issuance rate of local government bonds was 3.47%, of which general bonds were 3.53% and special bonds were 3.42%.

2. National debt balance of local governments

As reviewed and approved at the second meeting of the Thirteenth National People's Congress, the national government debt limit for 2019 is 24,077.43 billion yuan. Among them, the general debt limit is 13.308922 trillion yuan, and the special debt limit is 10.768508 trillion yuan.

As of the end of October 2019, the balance of local government debt in China was 213,800 billion yuan, which was controlled within the limit approved by the National People's Congress. Among them, general debt was 119235 billion yuan, special debt was 94565 billion yuan; government bonds were 211.55 billion yuan, and non-government bonds in the form of government debt were 225 billion yuan. The average remaining life of local government bonds is 5.1 years, including 5.0 years for general bonds and 5.2 years for special bonds; the average interest rate is 3.54%, of which 3.54% is general bonds and 3.53% is special bonds.

Note: [①] Some data are rounded to the nearest decimal place.

[②] The balance of local government debt in annual implementation is local statistical data.

[③] The issuance data of local government bonds is based on the day when provincial governments successfully issued local government bonds.

[④] The amount of government debt in the form of non-government bonds has decreased, mainly because some localities have repaid the corresponding government debt in the form of non-governmental bonds by issuing replacement bonds and raising other funds in accordance with government work report requirements.

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