As a province with strong economic and financial strength in China，Zhejiang Province’s local bonds scale is much higher than the national average level. At the same time，the issuance of local bonds are mainly new special bonds，with the issuance cost falling significantly. This report will analyze and summarize the development of local debt in Zhejiang Province，from the points of operation of local government project，revenue special debt and solvency of Zhejiang government. In general，local government bonds of Zhejiang Province plays an important role in stabilizing economy and growth. In addition，most of the special bonds funds in Zhejiang Province are invested in transportation infrastructure projects，which to some extent，levered the scale of infrastructure investment in Zhejiang Province. This report suggest that the government should continue to give full play to its investment advantage and use special bonds as a leverage to reduce fiscal pressure.