Special government debt refers to the credit certificate for local governments to raise funds according to the credit principle, that is, the creditor's rights issued by local governments and public institutions, including special bonds of local governments and special debts in the form of non-bonds identified after cleaning and screening.

Legal objectivity:

Measures for the administration of local government bond issuance

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The term "local government bonds" as mentioned in these Measures refers to government bonds issued by the people's governments of provinces, autonomous regions, municipalities directly under the Central Government and cities under separate state planning (hereinafter referred to as local governments) and agreed to repay the principal and interest within a certain period of time.

Local government bonds include general bonds and special bonds. General bonds are government bonds issued for non-profit public welfare projects, mainly from general public budget revenue as the source of debt repayment funds;

Special bonds are government bonds issued for public welfare projects with certain income, and the government fund income or special income corresponding to public welfare projects is used as the source of debt repayment.