In recent years，local government bonds plays an important role in stabilizing the economy and growth. In addition，with the impact of the Covid-19 on the national economy，China’s local governments have increased the issuance of local government bonds. In 2020，the scale of local government bonds in Zhejiang didn’t have big growth，the trading scale increased and the issuance period was obviously longer. Its project income special bond funds continued to expand，the term structure was optimized and the transportation infrastructure was its main investment field. However，the scale of project capital was small and the leveraging effect on investment growth has not been fully released. On the whole，Zhejiang had a large scale of government debt，and its debt stock ranked the fourth in China. However，as a province with strong economic and financial strength，its debt ratio and debt ratio were relatively low，and the risk of government debt was relatively small. In the future，with the coming of debt repayment peak，Zhejiang should pay more attention to the government fund arrangement in years with great maturity pressure，and make full use of local government budget and debt limit. Meanwhile，Zhejiang should monitor the investment and operation status of the projects raised in special bonds，and give full play to the leverage role of special bonds as capital to reduce the financial pressure.