At least 25 provinces, including Xinjiang, Henan, Fujian, Qingdao, Xiamen issued 417.97 billion yuan (US$61.97 billion) in local government bonds in January, The Paper reported.

Among them, newly added bonds totalled 368.76 billion yuan and refinancing bonds which were issued to replace old debts tallied 49.2 billion yuan.

And among the new bonds, general local government bonds recorded 227.6 billion yuan, while local government special bonds were 14.12 million yuan.

General bonds are issued for non-profit public welfare undertaking, while special bonds correspond to specific projects and are repaid with specific income.

The special bonds issued this year are mainly used for major regional development as well as rural revitalization, eco-environmental protection, affordable housing, public hospitals, public universities, transportation, water conservancy and municipal infrastructure.