Northwest China's Ningxia Hui Autonomous Region said in a statement on Thursday that it would issue bonds worth 5.5 billion yuan ($880 million) in 2014. Ningxia would issue 2.2 billion yuan in five-year bonds, and 1.65 billion yuan in both seven-year and 10-year bonds respectively.

Ningxia is the first among the 10 local governments, which also includes Shanghai, South China's Guangdong Province and East China's Zhejiang Province, to sell and repay their own bonds in a pilot program.

Ningxia also said that it would form an underwriter group with five companies.