This undated photo shows a worker counting Chinese currency renminbi (RMB) at a bank in Linyi, East China's Shandong province. (PHOTO / XINHUA)

BEIJING – China issued 4.55 trillion yuan (about US$703 billion) in new local government bonds in 2020, data from the Ministry of Finance (MOF) showed.

Among the total, the issuance of general bonds totaled 950.6 billion yuan last year, while that of special bonds amounted to 3.6 trillion yuan, the MOF said.

MOF data also showed outstanding local government debt came in at 25.66 trillion yuan by the end of December 2020, within the official limit.

China's top legislative body decided that the upper limit for local government debt in 2020 should be 28.8 trillion yuan. 

ALSO READ: China steps up local govt bond issuance to fund major projects