Local bond issuance “opens” in 2026. According to information disclosed by the Shandong Provincial Department of Finance, Shandong issued 72.381 billion yuan of local bonds on January 5. This is the first province to issue local bonds this year. Feng Lin, executive director of Dongfang Jincheng's research and development department, said that this year's fiscal policy continues to be advanced, and the peak of distribution throughout the year may be in the second quarter. Taking into account the size of this year's deficit and various local capital requirements, the net supply of local debt will reach about 7.8 trillion yuan for the whole year. Judging from the local bond issuance plan for the first quarter, as of December 31, 2025, it has been disclosed that the local bond issuance scale for the first quarter of 2026 exceeded 2.1 trillion yuan. Although it is still lower than the actual issuance scale of 2.8 trillion yuan of local bonds in the first quarter of 2025, it is significantly higher than the same period in previous years, and the actual issuance scale is expected to be higher than this level.

Local bond issuance “opens” in 2026. According to information disclosed by the Shandong Provincial Department of Finance, Shandong issued 72.381 billion yuan of local bonds on January 5. This is the first province to issue local bonds this year. Feng Lin, executive director of Dongfang Jincheng's research and development department, said that this year's fiscal policy continues to be advanced, and the peak of distribution throughout the year may be in the second quarter. Taking into account the size of this year's deficit and various local capital requirements, the net supply of local debt will reach about 7.8 trillion yuan for the whole year. Judging from the local bond issuance plan for the first quarter, as of December 31, 2025, it has been disclosed that the local bond issuance scale for the first quarter of 2026 exceeded 2.1 trillion yuan. Although it is still lower than the actual issuance scale of 2.8 trillion yuan of local bonds in the first quarter of 2025, it is significantly higher than the same period in previous years, and the actual issuance scale is expected to be higher than this level.