Since this year, signs of active fiscal policy forward and precise measures have been fully confirmed in the local government bond market. By the end of August, the total amount of local government bonds issued nationwide during the year reached 7785,914 billion yuan. A number of market analysts said that the current supply pace not only reflects the direction of “improving quality and efficiency” of fiscal policy, but also reflects the overall balance under the dual goals of “steady growth” and “risk reduction.” The volume of refinancing bonds eased debt repayment pressure, and the second half of the new special debt accelerated the catch-up process. Together, the two created a virtuous cycle of local finance.

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