The “14^th Five-Year Plan” calls for “improving the government debt management system”，and the No.5 document of The State Council Proposes Improving the Local Government Appropriate Debt Mechanism in Accordance with the Law，which involves the determination of quotas，the management of special-purpose government bond，risk assessment，information disclosure and other aspects. The construction of local government bond system in 2021 has made positive progress. From the perspective of policy continuity，the policies introduced in 2020 have been refined and implemented. From the perspective of policy priorities，compared with many specific regulations in 2020，more emphasis is placed on supervision and risk prevention and control，and institutional construction is improving and deepening. This report makes a detailed review and summary，and puts forward suggestions to further improve the relevant system of local government bonds，so as to help the local government bond market to develop to a higher quality.