Managing Public Debt in the Post-COVID-19 Era: A Focus on Local Debt Management and Policy Implications in China

In the context of the global COVID-19 pandemic, the profound impact on the world economy, especially in the field of public debt, has become obvious. The health crisis has triggered extensive and profound policy measures to combat the epidemic on a global scale, including large-scale financial support and economic stimulus plans. These actions have directly led to a significant increase in public debt levels, raising concerns about debt sustainability, economic stability, and the future direction of fiscal policy. Under this trend of influence, this article pays special attention to China, the world's second-largest economy. By studying the credit spread of local urban investment bonds issued in China, the aim is to comprehensively analyze the evolution and management of China's public debt during and after the epidemic, and further examine the impact of this process on China's economic stability.