China issues nearly 2 trillion yuan in new local gov't bonds in Jan-May

China's local governments issued new bonds worth an approximate total of 1.98 trillion yuan (about 277 billion U.S. dollars) in the first five months of this year, data from the Ministry of Finance showed on Friday.

Of that total, general-purpose bond issuance came in at 351 billion yuan, and special-purpose bond issuance amounted to over 1.63 trillion yuan.

From January to May, local government bonds were issued with an average term of 16.4 years and at an average interest rate of 1.95 percent.

By the end of May, China's outstanding local government debts stood at approximately 51.25 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. ■