BEIJING - China's local governments issued new bonds worth 4.72 trillion yuan ($658.25 billion) in 2024, data from the Ministry of Finance showed Friday.

Of the total, special bond issuance came in at 4.02 trillion yuan, while the issuance of general bonds amounted to 700.5 billion yuan.

From January to December last year, local government bonds were issued with an average term of 14.4 years and at an average interest rate of 2.29 percent.

In December alone, new local government bond issuance totaled 45.3 billion yuan.

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At the end of 2024, China's outstanding local government debts stood at 47.54 trillion yuan, the ministry said.