China issues over 2.6 trillion yuan in new local government bonds in H1

China's local governments issued new bonds worth over 2.6 trillion yuan (about 365.71 billion U.S. dollars) in the first six months of this year, data from the Ministry of Finance showed on Wednesday.

Of the total, general-purpose bond issuance came in at 452 billion yuan for the period and special-purpose bond issuance amounted to over 2.1 trillion yuan.

From January to June, local government bonds were issued with an average term of 15.9 years and at an average interest rate of 1.92 percent.

By the end of last month, China's outstanding local government debts stood at approximately 51.95 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 of 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.