In 2015，Hainan independently issued local government bonds for the first time，and the bonds were mainly used for major project construction. However，due to Hainan’s overall economic strength and debt repayment arrangement，Hainan’s local government bonds issuance and stock scale ranked relatively low among all provinces and municipalities in China. In 2020，in order to speed up the construction of Hainan free trade port，the scale of Hainan’s local government bonds has been extended and the issuance pace has been improved. Meanwhile，the project income special bond funds in Hainan continued to expand and the investment was relatively balanced. However，no special bonds were used as project capital and its leveraging effect on investment growth has a great space to release. From the perspective of debt situation，the debt scale and debt ratio of Hainan were relatively small，and the debt risk was under control. In the future，Hainan should continue to strengthen the restraint on local hidden debts，improve the local government debt risk early-warning mechanism，speed up the use of government bond issuance，give full play to the efficiency of government bond funds，and fully support the construction of Hainan free trade port.