Since 2021，the issuance scale of local bonds in Tianjin has remained high，the supply is backward and tends to be short-term. Under the pressure of debt repayment，refinancing bonds have increased significantly year-on-year，the issuance of new bonds has been centralized，the field of raising and investment is still mainly inclined to infrastructure and people’s livelihood，and special bond capital has been used for the first time，but there is still much room to release the actual crowding effect of infrastructure investment. Under the impact of the COVID-19 epidemic，in 2020，Tianjin’s fiscal revenue will be under pressure，and the debt level increased significantly. In the future，it is still necessary to enhance financial sustainability and strengthen the normalization management of local debt to effectively prevent debt risks.