The local government bonds of Qinghai ranked low in China. In the first half of 2020，the newly added project income special bond was of a small scale and was invested mainly in municipal and industrial park infrastructure，transportation infrastructure and livelihood services，etc. The field of fundraising was tilted towards infrastructure，but the issuance cost was relatively high. Affected by the regional economic and financial strength，the overall quality of fiscal revenue was not high，the financial balance ability was weak，and the dependence on the superior subsidy was strong. In addition，the debt ratio of Qinghai by the end of 2019 exceeded the international warning standard，and the maturity of local government bonds were relatively concentrated，so there may be a great debt pressure in the future.