Since Beijing issued the first local government bond in 2009，the cumulative scale of local government bond issuance has exceeded 670 billion RMB. The concentration of local government bond issuance increased slightly in 2021. The issuance structure is dominated by newly added special bonds and the proportion of long-term bonds is decreased. Besides，the issuance scale of special bond funds is decreased. Its investment is skewed towards infrastructure but not used as project capital，the actual leveraging effect is still limited by many factors. On the whole，Beijing’s local government debt ceiling still has a large use space，its debt solvency is strong and the debt risk is under control. Looking forward to the next stage，this report suggests that Beijing local governments should invest funds in various fields and focus local debt funds on scientific research and public governance.