(Yicai Global) Jan. 26 -- China's local governments had piled up CNY25.7 trillion (USD3.96 trillion) in debt by the end of last year, adding CNY4.4 trillion to the 2019 balance, the Ministry of Finance announced today.

The debt was controlled under the budget, which China’s top legislature the National People's Congress set at CNY28.8 trillion in May.

Newly-issued local government bonds totaled CNY4.55 trillion last year, about CNY190 billion (USD29.3 billion) more than the 2019 figure, the ministry also stated.

Editor: Ben Armour