China’s local governments issued bonds worth 625.8 billion yuan (about 89.95 billion U.S. dollars) in January 2023, according to the Ministry of Finance. Of the total, special bond issuance came in at 491.2 billion yuan in this period, while the issuance of general bonds amounted to 134.6 billion yuan, data from the ministry showed. In January, local government bonds were issued at an average issuance term of 16.6 years and at an average interest rate of 3.12 percent.