In this aerial photo taken on May 8, 2020, workers install overhead power lines for an 800KV direct current electricity transmission project linking northwest China's Qinghai Province and central China's Henan Province, in Zhen'an County of northwest China's Shaanxi Province. (Xinhua/Tao Ming)

As part of China's measures to relieve the impact on the economy from the COVID-19 pandemic and revive the country's economic development, China will issue a third batch of special treasury bonds aiming to raise 70 billion yuan ($9.9 billion), China's Ministry of Finance announced Tuesday.

According to the ministry, there will be a call for bids on the 10-year pandemic bonds on July 7 and they will be released to the market on July 10 with an interest rate of 2.77 percent, and an underwriting fee of 0.1 percent of par value.

This is the third issuance of pandemic bonds this year. The ministry unveiled the first and second issuance of the special bonds in June, with the terms being five years and seven years respectively, aiming to raise 50 billion yuan with each issue.

During this year's two sessions, the Chinese government decided to issue 1 trillion yuan worth of pandemic bonds to relieve the impact on the economy from the COVID-19 pandemic. 

So far, the special bonds have reached 170 billion yuan, and the total amount of this year's special bonds is expected be fully issued within July.

According to Vice Minister of Finance Xu Hongcai, the funds will be used for public health infrastructure, pandemic prevention and support for small and medium-sized enterprises.