With the of formidable task of combating the COVID-19 epidemic while stabilizing the economy，the issuance scale of local government bonds in Liaoning has still expanded rapidly，and the pace of issuing local government bonds has been descending. The issuance structure is dominated by general bonds and the proportion of long-term bonds has increased. Besides，the newly added special bonds is continuing to increasing，the proportion of bonds which are used for project capital regarding infrastructure has further increased，however the impact on the leverage was not significant. On the whole，Liaoning province has been facing the problems of population outflow and slow economic development. At the same time，the high ratio of government debt and the low debt-paying ability restrict the government investment. However，the local government debt ceiling still has a large space，with the government taking the liquidity of government debt seriously，the debt risk is under control. Looking forward to the next stage，this report suggests that Liaoning province local governments should invest funds in various areas and focus local debt funds on the optimizing of industrial structure.