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Local Government Bond Issuance and Debt Balance in July 2019

Source: Ministry of Finance Time: 2019-08-23

I. Issue and use of local government bonds nationwide

(I) Issuance of the month.

In July 2019, 555.9 billion yuan of local government bonds were issued nationwide. Among them, 162 billion yuan of general bonds were issued and 393.9 billion yuan of special bonds were issued. According to purpose, 377.5 billion yuan of new bonds were issued (including 76.8 billion yuan of new general bonds and 299.7 billion yuan of new special bonds), replacement bonds and Refinancing bonds (used to repay the principal of some local government bonds due, the same below) 197.4 billion yuan.

In July 2019, the average maturity of local government bonds was 10.4 years, of which 8.8 years were new bonds, and 13.7 years were replacement bonds and refinancing bonds.

In July 2019, the average issuance rate of local government bonds was 3.46%, of which new bonds were 3.41%, and replacement bonds and refinancing bonds were 3.57%.

(II) Issuance from January to July.

From January to July 2019, the country issued local government bonds of 339.3 billion yuan. Among them, 1,474.8 billion yuan of general bonds were issued, and 195.33 billion yuan of special bonds were issued. According to the purpose, 255.3 billion yuan of new bonds were issued (including 866.7 billion yuan of new general bonds and 1.686 trillion yuan of new special bonds). Refinancing bonds amounted to 840.1 billion yuan.

From January to July 2019, the average maturity of local government bonds is 9.5 years, of which 11.4 years are general bonds and 8.0 years are special bonds.

From January to July 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'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 July 2019, the balance of local government debts was 21,065.3 billion yuan, which was controlled within the limits approved by the National People's Congress. Among them, general debt was 11.674 trillion yuan, special debt was 9.979 trillion yuan; government bonds were 20.674 trillion yuan, and government debt in the form of non-governmental bonds was 390.8 billion yuan. The average remaining life of local government bonds is 4.9 years, including 4.9 years for general bonds and 4.9 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 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 balance of government debt in the form of non-government bonds has changed compared with the previous month, which is mainly based on the synchronous update of the national fiscal final results in 2018.

[⑤] The issuance data of local government bonds is based on the day when provincial governments successfully issued local government bonds.

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