According to the report on the work of the government 2021，priority continues to be given to “new infrastructure，new urbanization initiatives and major projects”，which provides powerful policy support for the development of water conservancy projects. Special bonds for water conservancy continued to expand in 2021，and the issuance size from January to September reached 713.337 billion RMB. Water conservancy projects are mainly invested at the district and county levels，and the project revenue is mainly derived from water supply revenue with a good balance of revenue and financing. The overall quality of water projects is good，and the project construction risk can be controlled. The report puts forward some suggestions on the development of the special bond market of water conservancy projects，such as standardizing the project revenue cost measurement，rationalizing the maturity structure of special water resources debt，and giving full play to the role of special debt capital.