Bond issues by Guangdong province are expected to set a record this year, even as the central government launches a national audit of local government liabilities to address concerns about rising debt from overly ambitious development projects.

Guangdong (excluding the Shenzhen special economic zone) plans to issue 12.1 billion yuan ($1.95 billion) in bonds this year, which would be a year-on-year jump of 40 percent, said Zeng Zhiquan, director-general of the Guangdong Provincial Department of Finance.

Zeng said the bond issues will set a record for the province. The issues will include 6.05 billion yuan in five-year bonds and another 6.05 billion yuan in seven-year debt.