The scale of subsisting local government bond issued by Guangdong ranked third among all the provincial administrative regions in China. The bond issuance in Guangdong has been accelerated since the second quarter，while recording a year-on-year increase in scale. Newly added special bonds dominated the new issuance this year，while long-term bonds have decrease in proportion. Besides，the project income special bond funds continue to increase. Its investment was skewed towards infrastructure as well as education，health and social welfare，but only a small portion of the proceeds has been used as project capital，the actual leveraging result is still limited by many factors. On the whole，Guangdong’s local government debt ceiling still has some space，its debt solvency is strong and the debt risk is under control. Looking forward to the next stage，this report suggests that Guangdong local governments should invest funds in various fields and focus local debt funds on scientific research and public governance.