Objective: To explore the impact of the accelerated issuance of medical special bonds on public hospitals, assist them in fully utilizing medical special bonds, and promote high-quality development of public hospitals. Methods: A combination of quantitative and qualitative methods was used to analyze the issuance and characteristics of medical special bonds in China and Shenzhen. Stakeholder analysis and expert interviews were used to explore the impact of medical special bonds on public hospitals and propose policy recommendations. Results: During 2018~2022, the issuance of medical special bonds in Shenzhen radiates to all jurisdictions, with an increasing number of periods, a rapid growth in issuance scale and a high proportion of medical special bond issuance. The research results show that the issuance of medical special bonds is a double-edged sword for public hospitals. On the one hand, it can quickly solve the development funding needs of public hospitals, promote the development of medical and health undertakings, and on the other hand, it will also increase the operational pressure of public hospitals. Conclusion: The competent authorities and public hospitals should continuously cooperate to actively improve the issuance and use system of medical special bonds. Measures such as reducing the impact of bond issuance on hospital operations through prior planning, standardizing the bond issuance process to improve economic efficiency, flexible reforms to improve the bond issuance mechanism and scientific management to enhance the sustainable development of hospitals can be taken.