TMTPOST -- China's provincial and municipal government bond issuance in August reached 1.19 trillion yuan, setting a new monthly high for the year, according to official data. The figure includes 518.8 billion yuan in new special bonds, ranking second only after June, and 122.7 billion yuan in new bonds, second only to February. Notably, Guizhou issued the first refinancing general bond of the year nationwide, aimed at repaying existing debts. Experts indicate that the increase in the bond issuance in August marks a specific measure to accelerate fiscal spending and the utilization of bond funds. As bond funds are gradually deployed, their impact on infrastructure investment is expected to become more evident in the fourth quarter of 2026.