(Yicai Global) Jan. 22 -- China issued CNY4.4 trillion (USD640 billion) in local government bonds last year in a 4.7 percent rise from 2018, including CNY3.1 trillion in new bonds and CNY1.3 trillion in bond swaps and other refinanced bonds, according to latest figures from the country's Ministry of Finance.

Local government debt was CNY21.3 trillion at the end of last year, up almost 16 percent, but well within the upper limit of CNY24.1 trillion the National People's Congress set in March, the ministry revealed today.

A bond swap is an investor's sale of a bond and simultaneous purchase of another newly-issued one with the proceeds.

Editor: Ben Armour