BEIJING — China's local authorities raised a total of 4.36 trillion yuan (about $622.9 billion) through bond issuance in 2019, up from the 4.17 trillion yuan a year ago.

The average issuance interest rate stood at 3.47 percent for the year, 42 basis points lower year-on-year, said the Ministry of Finance (MOF) in a statement.

China has accelerated its bond issuance and utilization with the annual target for new bond issuance achieved by the end of September.

Meanwhile, the issuing channels were more diversified as China started to allow local government bond issuances over the counter of commercial banks in March, said the MOF.

To further spur the economy, China has eased the restrictions on infrastructure construction financing, allowing local governments to use part of special-purpose bonds as project capital to support major national infrastructure projects.