Since 2020，the pace of local government bonds issuance in Shanxi has been accelerated. Special bonds expanded significantly. The issuance cost increased slightly as the overall issuance period lengthened. The investment structure has been optimized day by day. However，the leveraging effect of capital on investment growth has not been fully released. The debt risk in Shanxi was controllable，but it was still necessary to pay attention to the cost control and the sustainability of fiscal and debt.