Since Beijing issued the first local government bond in 2009，the cumulative scale of local government bonds issuance has exceeded RMB 630 billion. Affected by the impact of the epidemic situation in 2020，the pace of issuing local government bonds in Beijing was advanced. The issuance structure was dominated by newly added special bonds and the proportion of long-term bonds was increased. Besides，the project income special bond funds continued to increase. Its investment was skewed towards infrastructure but not used as project capital，the actual leveraging result was still limited by many factors. On the whole，Beijing’s local government debt ceiling still had a large space，its financial strength and debt solvency was strong and the debt risk was under control. Looking forward to the next stage，this report suggests that Beijing local governments should invest funds in various fields and focus local debt funds on scientific research and public governance.