The latest official data indicates that local government debt in China remained within prescribed quotas as of the end of the first half of 2019.
Ministry of Finance data indicates 2.8372 trillion yuan in local government bonds were issued throughout China in the first half of 2019, including 1.2858 in normal bonds and 1.5514 trillion yuan in special bonds.
2.1765 trillion yuan of these were new bonds, while 660.7 billion yuan in local government bonds were issued for debt roll overs or refinancing.
As of the end of June the nationwide local government debt balance was 20.5477 trillion yuan, within the quota approved by the National People’s Congress.
This includes 11.8397 trillion yuan of normal debt and 8.7080 trillion yuan in special debt.