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Local Government Bond Issuance and Debt Balance in August 2019

Source: Ministry of Finance Time: 2019-09-20

I. Issue and use of local government bonds nationwide

(I) Issuance of the month.

In August 2019, 569.5 billion yuan of local government bonds were issued nationwide. Among them, 163.2 billion yuan of general bonds were issued and 406.3 billion yuan of special bonds were issued. According to purpose, 342.1 billion yuan of new bonds were issued (including 22.7 billion yuan of new general bonds and 319.4 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) 227.4 billion yuan.

In August 2019, the average issuance period of local government bonds was 11.1 years, of which 8.1 years were new bonds and 15.6 years were replacement bonds and refinancing bonds.

In August 2019, the average issuance rate of local government bonds was 3.38%, of which 3.30% were new bonds, 3.49% were replacement bonds and refinancing bonds.

(II) Issuance from January to August.

From January to August 2019, 39,262.6 billion yuan of local government bonds were issued nationwide. Among them, 161 billion yuan of general bonds were issued, and 231.616 billion yuan of special bonds were issued. According to the purposes, new bonds were issued by 2.895 trillion yuan (including 889.4 billion yuan of new general bonds and 20050.7 billion yuan of new special bonds), replacement bonds and Refinancing bonds amounted to 1.0675 trillion yuan.

From January to August 2019, the average maturity of local government bonds is 9.7 years, of which 11.8 years are general bonds and 8.3 years are special bonds.

From January to August 2019, the average issuance rate of local government bonds was 3.46%, of which general bonds were 3.53% 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 August 2019, the balance of local government debt was 21,413.9 billion yuan, which was controlled within the limits approved by the National People's Congress. Among them, general debt was 11,962.2 billion yuan, special debt was 945.7 billion yuan, government bonds were 21,021.3 billion yuan, and non-government bond stock government debt was 390.8 billion yuan. The average remaining life of local government bonds is 5.0 years, including 5.0 years for general bonds and 5.1 years for special bonds; the average interest rate is 3.53%, of which 3.53% is general bonds and 3.52% 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 issuance data of local government bonds is based on the date when provincial governments successfully issued local government bonds.

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