In the first half of 2020，in response to the economic downturn brought about by epidemic situation of Covid-19，the issuance of local government bonds in Hebei has increased significantly. At the same time，the issuance cost has fallen sharply due to the loose funding. The local government bonds newly issued were mainly special bonds，and the investment structure was still dominated by traditional projects，but the special bonds used as capital are small，and there was still room for improvement in the leverage multiples of investment. The debt ratio of Hebei was among the top in the country，while the debt ratio was relatively low，and the overall debt risk was controllable.