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Local Government Bond Issuance and Debt Balance in May 2019

Source: Ministry of Finance Time: 2019-07-19

I. Issue and use of local government bonds nationwide

(I) Issuance of the month.

In May 2019, 304.3 billion yuan of local government bonds were issued nationwide. Among them, 146.4 billion yuan of general bonds were issued and 157.9 billion yuan of special bonds were issued. According to purpose, 165.7 billion yuan of new bonds were issued (including 35.5 billion yuan of new general bonds and 130.2 billion yuan of new special bonds). Refinancing bonds (used to repay the principal of some local government bonds due, the same below) 138.6 billion yuan.

In May 2019, the average issuance period of local government bonds was 12.0 years, of which 10.4 years were new bonds and 13.9 years were refinancing bonds.

In May 2019, the average issuance rate of local government bonds was 3.73%, of which 3.68% were new bonds and 3.79% were refinancing bonds.

(II) Issuance from January to May.

From January to May 2019, the national government bonds issued were 19376 billion yuan. Among them, RMB 968 billion was issued for general bonds and RMB 969.6 billion was issued for special bonds. According to the purpose, new bonds were issued (including RMB 599.6 billion and RMB 599.8 billion). Refinancing bonds amounted to 478 billion yuan.

From January to May 2019, the average maturity of local government bonds is 8.5 years, of which 9.5 years are general bonds and 7.5 years are special bonds.

From January to May 2019, the average issuance rate of local government bonds was 3.44%, of which general bonds were 3.47% and special bonds were 3.41%.

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's debt limit in 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 May 2019, the balance of local government debt in the country was 1985.3 billion yuan, which was controlled within the limits approved by the National People's Congress. Among them, general debt was 116.71 billion yuan, special debt was 822.3 billion yuan; government bonds were 195.802 trillion yuan, and government debt in the form of non-government bonds was 315.1 billion yuan.

As of the end of May 2019, the average remaining life of local government bonds was 4.5 years, including 4.5 years for general bonds and 4.6 years for special bonds; the average interest rate was 3.52%, of which 3.51% was general bonds and 3.52% was special bonds.

[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 balance of local government debt has changed compared with the previous month. The main reason is that within the new local government debt limit for 2019 that was approved by the State Council, the local government issued new local government bonds accordingly.

[④] The issuance data of local government bonds is based on the date when provincial governments successfully issued local government bonds.

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