China issues over 3.31t yuan in new local government bonds in Jan-July

BEIJING -- Local governments in China issued new bonds worth over 3.31 trillion yuan ($465.78 billion) in the first seven months of this year, data from the Ministry of Finance showed on Thursday.

Of the total, general-purpose bond issuance came in at 538.3 billion yuan for the period and special-purpose bond issuance amounted to over 2.77 trillion yuan.

By the end of last month, China's outstanding local government debts stood at over 52.76 trillion yuan, the ministry said.

China has pledged a more proactive fiscal policy this year to shore up sustained economic and social development. The country plans to issue 4.4 trillion yuan in local government special-purpose bonds in 2025, marking an increase of 500 billion yuan from last year, according to this year's government work report.