The scale of Fujian local bond issuance increased，and the pace of issuance lagged slightly in 2021. Newly-issued local bonds are mainly new special bonds，and the proportion of medium and long-term bonds is still relatively high. The issuance interest rate dropped slightly and the special bond issuance spread increased slightly. Besides，the secondary market transaction scale was significantly affected by the COVID-19 epidemic，and the yield to maturity of each maturity fluctuated slightly，with a steady decline. The number and scale of the issuance of Fujian special bonds for project income has steadily increased，and the stock investment is relatively diversified，which has a certain stimulating effect on infrastructure. Overall，there is still space for the debt limit in Fujian at this stage，and debt risks are generally controllable. The next stage we should fully integrate the high-quality economic development and the controllable requirements of local debt risks，improving the efficiency of fund use and strictly controlling debt risks.