Local government bonds refer to debt instruments issued by local public authorities with fiscal revenue within a country. Such bonds are typically utilized for the construction of local public facilities including transportation, communications, housing, education, hospitals, and sewage treatment systems. Generally, repayment of principal and interest is guaranteed by the local government's tax revenue capacity. There are two primary models for local debt issuance: the first involves direct bond issuance by local governments; the second entails the central government issuing national bonds and then relending the proceeds to local governments. Under certain circumstances, local government bonds are also termed "municipal bonds".
China formally launched local government bonds in 2009. Since then, problems related to fiscal constraints at the local level have been alleviated, enabling local governments to flexibly raise funds according to development plans approved by local People's Congresses to address capital shortages. Furthermore, the relationship between the central government, local governments, and local People's Congresses has become more closely coordinated. However, excessive indebtedness by some local governments has concurrently drawn attention. Given China's vast territory and substantial regional development disparities, the issuance of local government bonds should be tailored to local conditions to ensure the stable development of China's local government bond market.
To support related research, CnOpenData has compiled information on local government bond issuances in China since 2009, including fields such as bond name, issuance scale, issuance date, bond type, and interest rate.
Data Scale
Time Period
2009-2026.06.30 (can be updated as needed)
Field Display
Sample Data
Relevant Literature
- Qiu Zhigang, Wang Ziyue, Wang Zhuo, 2022: "Local Government Debt Replacement and New Implicit Debt—An Analysis Based on the Scale and Pricing of Urban Investment Bond Issuance," China Industrial Economics, No. 4.
- Zhang Qi, Yang Yue, 2023: "Market Recognition and Response to Local Government Budget Disclosure—Evidence from Provincial Government Bond Pricing," Economic Research Journal, No. 12.
Data Update Frequency
Annual update