China has started the bond issuance for the replacement of 2 trillion yuan (278.79 billion U.S. dollars) of local government debt this year, a spokesperson said Tuesday.

The National People's Congress (NPC) Standing Committee will strengthen oversight over government debt management, in particular the replacement of local governments' hidden debt, said Lou Qinjian, spokesperson for the third session of the 14th NPC, China's national legislature, at a press conference.

The bond issuance for the replacement of 2 trillion yuan of such debt last year was already completed, he said.