China issues local govt bonds worth 507b yuan in February

BEIJING -- The value of China's local government bond issuance stood at 507.1 billion yuan (about $80 billion) in February, official data showed Tuesday.

Of the total, the issuance of general bonds stood at 111.7 billion yuan while the special bond issuance came in at 395.4 billion yuan in the period, the Ministry of Finance said in a statement. The bonds had an average issuance term of 15.1 years and an average interest rate of 3.16 percent.

The issuance in February brought the total amount in the first two months of this year to about 1.21 trillion yuan.

At the end of last month, China's outstanding local government debt stood at around 31.64 trillion yuan. In 2021, the bond issuance by local governments totaled 7.49 trillion yuan.