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Local government bond issuance and debt balance in June 2019

Source: Ministry of Finance Time: 2019-07-22

I. Issuance and use of local government bonds nationwide

(I) Issuance of the month.

In June 2019, the country issued 899.6 billion yuan of local government bonds. Among them, 317.8 billion yuan of general bonds were issued and 581.8 billion yuan of special bonds were issued. According to purpose, 717 billion yuan of new bonds were issued (including 190.3 billion yuan of new general bonds and 526.7 billion yuan of new special bonds), replacement bonds and Refinancing bonds (used to repay principal of some local government bonds due, the same below) 182.6 billion yuan.

In June 2019, the average maturity of local government bonds was 11.1 years, of which 10.4 years were new bonds, and 13.4 years were replacement bonds and refinancing bonds.

In June 2019, the average issuance rate of local government bonds was 3.55%, including 3.52% of new bonds, and 3.65% of replacement bonds and refinancing bonds.

(II) Issuance from January to June.

From January to June 2019, local government bonds were issued at 2,877.2 billion yuan. Among them, 1,258.85 billion yuan of general bonds were issued, and 15.14 billion yuan of special bonds were issued. According to the purpose, new bonds were issued (including 27.6 trillion yuan of new general bonds and 1.386 trillion yuan of new special bonds), replacement bonds and Refinancing bonds amounted to 660.7 billion yuan.

From January to June 2019, the average maturity of local government bonds was 9.3 years, of which 11.2 years were general bonds and 7.8 years were special bonds.

From January to June 2019, the average issuance rate of local government bonds was 3.47%, of which general bonds were 3.53% and special bonds were 3.43%.

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 June 2019, the balance of local government debt was 20.57477 trillion yuan, which was controlled within the limits approved by the National People's Congress. Among them, general debt was 118397 billion yuan, special debt was 870.8 billion yuan, government bonds were 202326 billion yuan, and government debt in the form of non-government bonds was 315.1 billion yuan. The average remaining life of local government bonds is 4.8 years, including 4.8 years for general bonds and 4.8 years for special bonds; the average interest rate is 3.52%, of which 3.52% is general bonds and 3.53% is 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 last month, mainly because the local government issued new local government bonds within the new local government debt limit for 2019 that was approved by the State Council.

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

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