China's local governments issued bonds worth approximately 4.7 trillion yuan (about 654.88 billion U.S. dollars) in the first ten months of 2022, data from the Ministry of Finance showed.

Of the total, special bond issuance stood at 3.98 trillion yuan in this period, while the issuance of general bonds amounted to 714.6 billion yuan, data showed.

During the January-October period, local government bonds were issued at an average issuance term of 13.4 years and at an average interest rate of 3.03 percent.

By the end of October, China's outstanding local government debts stood at around 35.17 trillion yuan, within the official limit for this year, the ministry said.

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