Since 2021，the scale of government bond issuance in Heilongjiang has continued to increase，and the capacity of special bonds has been significantly expanded，the issuance cost is still high but generally declined，the issuance period has been longer，and the activity of the local government bond secondary market has declined significantly. The project income special bond funds in Heilongjiang have expanded，mainly to traditional infrastructure. However，there is only a small proportion of special bonds to be used as capital，so the leveraging effect of capital on investment growth has not been fully released. Heilongjiang’s debt balance and debt ratio are relatively low，and its debt risks are basically controllable. In the future，Heilongjiang should improve the use efficiency and profitable investment of special bonds，rationally arrange the term structure，strengthen the use management of local government bonds and control debt risks.