Local government bond issuance and debt balance in September 2019
Source: Ministry of Finance Time: 2019-10-28
I. Issue and use of local government bonds nationwide
(I) Issuance of the month.
In September 2019, 219.6 billion yuan of local government bonds were issued nationwide. Among them, 56.6 billion yuan of general bonds were issued, and 163 billion yuan of special bonds were issued. According to purpose, 141.6 billion yuan of new bonds were issued (including 17.6 billion yuan of new general bonds and 124 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) 78 billion yuan.
In September 2019, the average maturity of local government bonds was 14.4 years, of which new bonds were 13.5 years, and replacement bonds and refinancing bonds were 16.1 years.
In September 2019, the average issuance rate of local government bonds was 3.52%, of which 3.49% were newly added bonds and 3.57% were replacement bonds and refinancing bonds.
(II) Issuance from January to September.
From January to September 2019, local government bonds were issued at a rate of 418.2 billion yuan. Among them, 1,676.7 billion yuan of general bonds were issued and 2,464.6 billion yuan of special bonds were issued. According to the purpose, new bonds were issued 3,036.7 billion yuan (including 907 billion yuan of new general bonds and 2,179.7 billion yuan of new special bonds). Refinancing bonds amounted to 1,114.5 billion yuan.
From January to September 2019, the average maturity of local government bonds is 10.0 years, of which 11.8 years are general bonds and 8.8 years are special bonds.
From January to September 2019, the average interest rate of local government bonds is 3.46%, of which 3.52% is general bonds and 3.42% is special bonds.
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 September 2019, the balance of local government debt in the country was 21,415 billion yuan, which was controlled within the limit approved by the National People's Congress. Among them, general debt was 118.985 billion yuan, special debt was 95.165 billion yuan; government bonds were 21.142 trillion yuan, and non-government bond stock government debt was 272.7 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 3.53%, of which 3.53% 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 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.
[⑤] The amount of government debt in the form of non-government bonds has decreased, mainly in accordance with the relevant requirements of the government work report. Since this year, some places have issued replacement bonds to repay the corresponding government debt in the form of non-governmental bonds.