China's local governments issued bonds worth 301.9 billion yuan (about 41.87 billion U.S. dollars) in May, according to the Ministry of Finance.

Of the total, special bond issuance came in at 275.5 billion yuan last month, while the issuance of general bonds amounted to 26.4 billion yuan, data from the ministry showed.

In May, local government bonds were issued at an average issuance term of 12.5 years and at an average interest rate of 2.85 percent.

In the first five months of 2023, local governments in China have issued bonds worth over 2.25 trillion yuan, data from the ministry showed.

By the end of May, China's outstanding local government debts stood at over 37.56 trillion yuan, within the official limit of 42.17 trillion yuan for this year, the ministry said.