China earmarks 500b yuan to boost local fiscal strength, investment

China has allocated 500 billion yuan ($70.3 billion) within the local government debt ceiling to strengthen the overall fiscal capacity of local governments and expand effective investment, the National Development and Reform Commission, the country's top economic regulator said on Friday.

Of the total, 200 billion yuan in newly added special bond quotas will be specifically designated to support investment and construction projects in selected provinces, NDRC spokesperson Li Chao told a news conference.

Li said the NDRC will guide relevant provinces to fully leverage the new quota, accelerate the issuance and utilization of special bonds, fast-track project launches, and ensure tangible progress is achieved promptly.

The move is part of the commission's broader effort to implement policies aimed at expanding effective investment, Li added.

Zhang Chenxu contributed to this story.