Since 2020，the scale of local government bonds issuance in Heilongjiang has continued to decline，but the expansion of special bonds has been noticeable. The issuance cost has remained high but generally declined，the issuance period has been extended，and the local government bonds secondary market activity has jumped upwards. The project income special bond funds in Heilongjiang have expanded，mainly to traditional infrastructure，and the capital support for projects to strengthen weak links have been increased. However，there was only a small proportion of special bonds to be used as capital，so the leveraging effect of capital on investment growth has not been fully released. Heilongjiang’s debt balance and debt ratio were relatively low，and its debt risks were controllable. In the future，Heilongjiang should improve the use efficiency and profitable investment of special bonds，rationally arrange the term structure，strengthen the use management of local government bonds and control debt risks.