Chinese Finance Minister Xiao Jie answers questions at a press conference on reform of fiscal and taxation system and financial work during the first session of the 13th National People's Congress in Beijing, capital of China, March 7, 2018. (Xinhua/Shen Hong)

BEIJING, March 7 (Xinhua) -- China has made bond issuance the sole legal way for local governments to raise debt amid nation's efforts to forestall systemic financial crisis, according to the financial minister on Wednesday.

All other means to raise debt are considered illegal and will face punishment, Xiao Jie told a press conference on the sidelines of the annual session of the National People's Congress, China's national legislature.

Local government special bonds will total 1.35 trillion yuan (about 213 billion U.S. dollars) this year, 550 billion yuan more than last year, said Xiao.