Since 2021，the COVID-19 epidemic has been basically controlled，the pressure of financial hedging risks has been eased，combined with factors such as the late issuance of special debt quota and the stricter examination of special debt，the overall pace of local government bond issuance in Shanxi has slowed down，and the issuance scale has decreased compared with the same period last year. With the gradual restoration of Shanxi’s credit environment，the cost of issuing local bonds tends to decline，and the issuing period is shortened. Project revenue special bonds are still mainly invested in municipal and industrial park infrastructure construction，rundown renovation，people’s livelihood services and other areas. The coverage of principal and interest of projects is adequate，and there is still much room for the leveraging effect of special bonds on investment growth. From the macro point of view，Shanxi’s debt to local government financial resources ratio and debt to GDP ratio are acceptable，the distribution of debt maturity is relatively smooth，and the debt repayment pressure is relatively controllable，but we still need to pay attention to cost control and the sustainability of finance and debt.