In the first quarter, approximately 3.1 trillion yuan of local government bonds were issued nationwide.

In order to stabilize the economy, a more proactive fiscal policy has been implemented this year, with a strong focus on local government bond issuances in the first quarter reaching a record high. According to public debt issuance data, approximately 3.1 trillion yuan worth of local government bonds were issued nationwide in the first quarter of this year, representing a 9.3% increase compared to the same period last year. Of this, around 1.4 trillion yuan were new bond issuances, a 14.6% year-on-year increase, and approximately 1.7 trillion yuan were refinanced bonds, reflecting a 5.2% increase year-on-year. Wen Laicheng, a professor at the Central University of Finance and Economics who has long been focusing on local government debt, pointed out that a key feature of local government bond issuances in the first quarter of this year is the rapid pace of new bond issuances. This is mainly due to the fact that this year marks the beginning of the "14th Five-Year Plan", and local governments are hoping to kick off the year with strong economic growth to lay a solid foundation for the development of the economy and society during the "14th Five-Year Plan". By accelerating the issuance of bonds to promote the commencement of construction on a number of major projects, a solid foundation is laid for economic growth in the first quarter. The rapid growth of infrastructure investment in the first two months is also closely related to the accelerated issuance of local government bonds mentioned above, fueling an increase in investment.