BEIJING — China's local government bond issuance reached 442.9 billion yuan (about $67.35 billion) in October, data from the Ministry of Finance showed on Nov 17.

The figure took the total local government bond issuance for the year to 6.12 trillion yuan by the end of last month.

In the first 10 months, the issuance of new bonds amounted to 4.49 trillion yuan, accounting for 94.9 percent of the 4.73-trillion-yuan quota planned for the year, the data showed.

China has accelerated the issuance of local government bonds this year to facilitate the timely implementation of various projects in order to mitigate the impacts of the novel coronavirus outbreak.