China's local governments issue over Yuan 9 trillion bonds in Jan-Oct

In the first 10 months of 2025, China's local governments borrowed over Yuan 9 trillion ($1.26 trillion) through bond issuance, marking a record high, with nearly two-thirds of the funds used to repay maturing debt and settle government arrears, while the remainder supported key investment projects.

According to data released by the Ministry of Finance, local governments issued a total of Yuan 9.1 trillion Yuan of bonds in the first 10 months of this year, an increase of 23% year on year, marking a record high for the same period. Monthly bond issuance accelerated notably in