Ningxia Hui Autonomous Region（hereinafter referred to as “Ningxia”）has a relatively small stock of local government existing bonds and ranks at the bottom of the country. From January to September of 2021，the issuance of local government bonds in Ningxia slowed down as a whole，and the maturity was shortened compared with last year，with five-year and ten-year periods as the main ones. The issuance cost and issuance spreads decreased. Specifically，from the perspective of project income special bonds，there will be no new project income special bonds in Ningxia from January to September of 2021，and the issuance of project income special bonds in 2020 will also decrease significantly. The investment mainly includes transportation infrastructure，municipal and industrial park infrastructure. And people’s livelihood services and other fields，covering a wide range and reasonable income coverage，but limited leverage on the scale of infrastructure. Affected by the weak economic and financial strength of the region，Ningxia’s financial balance ability is weak，and it is highly dependent on superior subsidies. In addition，at the end of 2020，the debt ratio of Ningxia has increased significantly compared with previous years and exceeded the international warning standard. Ningxia may have certain debt pressure in the future，but the local government debt has relatively good borrowing space，and the overall risk is controllable.