Marked by the issuance of newly revised “Budget Law” in 2014 and the “Opinions of the State Council on Strengthening the Management of Local Government Debt”，the degree of standardization of China’s local government bond market has been gradually improved，while the management system becomes more comprehensive. Especially under the background of Covid-19 pandemic and increasing downward pressure of domestic economy，the local government bonds management system made further innovation in 2020. In the aspect of issuance，the tariff of local government bonds is decided more scientifically. The issuing rhythm was more flexible. The bond duration was encouraged to be longer to match the project duration. In the aspect of funds usage，the range of special bonds was wider，which included more important areas. Also，the special bonds have been used as capital in more projects. Furthermore，the special bonds’ new function of capital replenishment for small and medium-sized banks was also a breakthrough in policy. In the aspect of information disclosure，fund management and credit rating，these policies were improved to promote the quality of local government bonds management.