China's local governments issued new bonds worth 4.57 trillion yuan (about 635.8 billion U.S. dollars) in the first 10 months of this year, data from the Ministry of Finance showed.

Of the total, special bond issuance came in at 3.91 trillion yuan, while the issuance of general bonds amounted to 656.8 billion yuan.

In the 10-month period, local government bonds were issued with an average term of 13.4 years and at an average interest rate of 2.33 percent.

In October alone, new local government bond issuance totaled 338.5 billion yuan.

At the end of October, China's outstanding local government debts stood at 45.32 trillion yuan, the ministry said. 

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