Local government bonds refer to debt instruments issued by local public authorities with fiscal revenue within a country. These bonds are generally utilized for constructing local public facilities such as transportation infrastructure, communication systems, residential projects, educational institutions, hospitals, and sewage treatment systems. The repayment of principal and interest is typically secured by the local government's taxation capacity. There are two primary models of local debt issuance: the first involves direct issuance by local governments, while the second entails central government issuance of national bonds followed by relending to local governments. In specific contexts, local government bonds are also termed "municipal bonds".
China's local government bond market was officially liberalized in 2009. Since then, this initiative has alleviated fiscal constraints on local governments, enabling them to flexibly raise capital in accordance with development plans approved by local people's congresses to address funding shortages. Furthermore, it has enhanced coordination mechanisms among the central government, local governments, and local legislative bodies. However, concerns have emerged regarding excessive debt accumulation by certain local governments. Given China's vast territory and significant regional development disparities, the issuance of local government bonds requires tailored approaches to ensure stable market development.
To support academic research, CnOpenData has compiled local government bond issuance information from 2009 onward, encompassing fields such as bond name(债券名称), issuance scale(发行规模), issuance date(发行日期), bond type(债券类型), and interest rates(利率).
Data Scale
Time Coverage
2009-2024.7.29
Field Display
Sample Data
Relevant Literature
- Qiu Zhigang, Wang Ziyue, Wang Zhuo, 2022: "Local Government Debt Replacement and New Implicit Debt: Analysis Based on Urban Investment Bond Issuance Scale and Pricing," China Industrial Economics Issue 4.
- Zhang Qi, Yang Yue, 2023: "Market Recognition and Response to Local Government Budget Disclosure: Evidence from Provincial Government Bond Pricing," Economic Research Journal Issue 12.
Data Update Frequency
Annual Update