The scale of local government bonds in Xinjiang is lower than the national average，and the maturity structure is mainly long-term. From January to September of 2021，the scale of newly issued local government bonds rose year-on-year and was dominated by special bonds，the issuance cost continued to decline，and the activity of secondary market transactions increased. The newly issued project revenue special bonds were mainly invested in municipal and industrial park infrastructure，livelihood services and other areas of people’s livelihood，and were partially used as project capital. Under the background of COVID-19 epidemic situation，Xinjiang’s economic growth has slowed down. At the same time，increasing investment to counteract the downward pressure of the economy in the face of its own weak financial strength has made the debt side to show a significant increase in debt ratio. In the future，the matching degree between local government debt level and economic and financial strength needs to be improved.