China issues US$584b in local gov't bonds in first 9 months

China's local governments have issued bonds worth over 4.24 trillion yuan (US$584.4 billion) in the first nine months of 2022, according to the Ministry of Finance.

Of the total, special bond issuance came in at 3.54 trillion yuan in this period, while the issuance of general bonds amounted to 699 billion yuan, data from the ministry showed.

During the January-September period, local government bonds were issued at an average issuance term of 13.3 years and at an average interest rate of 3.03 percent.

By the end of September, China's outstanding local government debts stood at around 34.71 trillion yuan, within the official limit of 37.65 trillion yuan for this year, the ministry said.