Wires

China issues $614 billion in local government bonds in Jan-Nov

BEIJING, Dec 3 (Reuters) - China issued 4.32 trillion yuan ($613.73 billion) in local government bonds in January-November, hitting 99% of the full year issuance target, the Ministry of Finance said in a statement on Tuesday.

Among them, 2.13 trillion yuan worth of new special-purpose bonds were issued in the first 11 months, the ministry said.

Many local governments are facing increasing fiscal strains as tax cuts and a broader economic slowdown reduce their revenues, hampering their ability to carry through on big infrastructure projects which Beijing is counting on to revive growth. ($1 = 7.0389 Chinese yuan renminbi) (Reporting by Judy Hua and Huizhong Wu; Writing by Yawen Chen; Editing by Jon Boyle)