New bonds issued by local governments in China totaling RMB 173.2 billion in December 2025.

According to China's Ministry of Finance, the amount of new bonds issued by local governments in China last December was 173.2 billion yuan (USD 24.9 billion), accounting for 61.05 percent of the total amount of bonds issued by local governments.

In 2025, the total amount of new bonds issued by local governments in China was 5.3817 trillion yuan (USD 0.77). trillion). This year, proceeds from newly issued local government bonds were primarily focused on two critical areas: construction projects and local government debt reduction