The stock scale of local government bonds in Hubei ranked among the upper middle in China，the pace of issuing local government bonds in Hubei was relatively active and the scale of issuance increased yearly，while the issuance costs were decreasing. Affected by the impact of the epidemic situation in the first half of 2020，Hubei’s economy and finances were under short-term pressure，however，the overall situation gradually stabilized as the city returned to normal operations. This report firstly describes the operation of Hubei local government bond market from the perspective of primary market and secondary market，and then analyzes the use of project income special bond funds and the pulling effect on regional investment in detail. Finally，it analyzes the regional debt risk around the overall situation and financial performance of Hubei local government debt.