In recent years，as the local governments’ borrowing system has been improved，the issuing scale of local government bonds in Guangdong has increased gradually，and the stock scale was large among provinces. In 2020，in order to cope with the impact of the epidemic，Guangdong have increased the concentration of local government bonds and advanced the issuing pace. Meanwhile，the issuance period has been extended and the secondary market has been more active. Guangdong ranked the first in terms of the issuance scale of project income special bonds in China. Its fundraising and investment field was shifted to transportation infrastructure，municipal administration and industrial parks，and its leveraging effect on infrastructure investment was relatively large. However，its leveraging effect on investment growth as capital has not been fully released. From the perspective of local government debt，Guangdong’s debt limit space was large. Under the support of fiscal strength，the debt repayment ability was strong and the debt risk was relatively small. In the future，Guangdong should make rational use of the remaining space of local government debt limit，and play the investment-driving role of local government bonds mainly in areas with major investment projects and relatively tight government budget.