城投债起源于上海。1992年,为了支持浦东新区建设,中央决定给予上海五方面的配套资金筹措方式,其中之一是1992～1995年每年发行5亿元的浦东新区建设债券。1992年,规模5亿元的浦东新区债券成为第一只城投债。城投债期限长、成本低,又常常成为子公司的项目资本金,正好解决了地方政府基础设施投资回收期长、资本金不足的问题,所以被地方政府广泛关注。2008年11月,为抵御全球金融危机,刺激经济增长,国务院宣布了一项4万亿元的经济刺激计划,用于缓解信贷市场压力,随后各地政府 City bond debt originated in Shanghai. In 1992, in order to support the construction of the Pudong New Area, the Central Government decided to give Shanghai a five-pronged fund-raising method. One of them was to issue 500 million yuan of Pudong New Area construction bonds each year from 1992 to 1995. In 1992, the scale of 500 million yuan in Pudong New Area bonds became the first city to vote for bonds. Urban bond long deadline, low cost, and often become a subsidiary of the project capital, just to solve the local government infrastructure investment recovery period is long, the problem of insufficient capital, it is widely concerned by the local government. In November 2008, in order to counter the global financial crisis and stimulate economic growth, the State Council announced a 4 trillion yuan stimulus package to ease the credit market pressure. Subsequently, various local governments