Since the beginning of this year, the issuance of local government bonds has significantly accelerated. Data shows that as of March 25, the total issuance of local government bonds nationwide reached 2.54 trillion yuan, up 89.07% YoY. Among them, the proportions of new special bonds and refinancing special bonds used for replacing existing hidden debt were 31.56% and 50.73%, respectively, with the remainder being general bonds and refinancing special bonds used for borrowing new to repay old debt.