The balance of local government bonds in Henan is at an upper-middle level in the nationwide. In the first three quarters of 2021，the scale of newly issued local government bonds kept growing trend，the issuing cost has fallen，the proportion of long-term bonds was decreased，and newly issued bonds are mainly special bonds. Besides，the project income special bond funds continue to increase，and most of special bond funds are used as project supporting financing capital，which leads to the better actual leveraging result. Henan’s overall economic and financial strength is relatively high，the liability ratio and debt ratio are not high，and the debt risk is under control. In summary，this report suggests that Henan can appropriately extend the term of local government bonds，increase the investment of local debt funds in the public domain and improve the capabilities of debt risk prevention.