China's local government bond issuance hits record high of $455 bln in Q1

Source: Mysteel Apr 14, 2026 14:15

China has advanced a more proactive fiscal policy this year to stabilize the economy, with local government bond issuance in Q1 reaching a record high.

According to publicly available data, local governments issued about Yuan 3.1 trillion ($454.6 billion) in bonds in Q1, up 9.3% year on year, and of this, new bond issuance totaled about Yuan 1.4 trillion, up 14.6%, and refinancing bonds reached Yuan 1.7 trillion, up 5.2%. A major feature of local