Ningxia Hui Autonomous Region（hereinafter referred to as “Ningxia”）had a relatively small stock of local government bonds and ranked at the bottom of the country. In the first half of 2020，the issuance of local government bonds in Ningxia slowed down overall，and the maturity was significantly longer. Issuance costs and issuance spreads ranked first in the country and showed an upward trend. Specifically，from the perspective of project income special bonds，the overall issuance scale dropped significantly. The investment mainly included transportation infrastructure，municipal and industrial park infrastructure，and people’s livelihood services. The scope was wide and the income coverage was acceptable，but the scale of infrastructure movement was limited. Affected by the weak economic and financial strength of the region，Ningxia’s financial balance ability was weak，and it was highly dependent on superior subsidies. In addition，at the end of 2019，Ningxia’s debt ratio increased significantly compared with previous years and exceeded international warning standards. Ningxia may have certain debt pressures in the future，but local government bonds have relatively large borrowing space，and the overall risk is controllable.