Local government bonds，especially special bonds，are an important source of funds to support infrastructure construction，playing an increasingly necessary role in stabilizing infrastructure investment and supporting local economy. In the first half of 2020，under the background of economic downturn impacted by the epidemic，significant changes have taken place in the investment fields of local government bonds. The investment of special bonds was more accurate，focusing on supporting traditional infrastructure construction and people’s livelihood，and adding “Two New”（new infrastructure，new urbanization construction）investment fields，emergency medical treatment and other investment fields according to the demand，so as to play a more comprehensive role in shoring up weak spots and stabilizing economic growth. This report analyzed in detail on characteristics of local government bonds’ investment fields in the first half of 2020，and made a prospect of future investment direction and structure considering the trend of policies.