According to report on the work of the government 2020，priority will be given to new infrastructure and new urbanization initiatives and major projects，which provides good policy support for the development of water conservancy projects. In 2020，the income special bonds of water conservancy projects continued to expand，and the issuing period was mainly 10-30 years，which matched the operation period of water conservancy projects. Its projects were mainly to small and medium-sized reservoirs at district and county level. Meanwhile，the project income mainly came from water supply income，and the balance between income and financing was good. Water conservancy construction was an important project for people’s livelihood，and its construction risks were under overall control. However，there may be some deviations in the project investment calculation，and it may affect the project’s solvency. In the future，in order to make the special bonds better match the local water conservancy infrastructure construction，we should allocate the amount of special bonds reasonably，standardize the calculation of project income cost，and further broaden the source of income.