Shanghai，the municipality with strong economy and fiscal capability，has performed well in issuing local government bonds. Since annual quota allocated late in 2021，the issuance of Shanghai local government bonds slowed down and delayed. In recent years，the project specific bonds showed a high growth rate and longer duration，mainly new bonds and invested to transportation infrastructure. This report will analyze and summarize the development of Shanghai local government bonds，including the government bonds，the project specific bonds and debt paying ability of Shanghai government. October of 2021，the pilot program of “no local government hidden debt” was officially launched in Shanghai，which will help to reduce regional debt risk.