Chinese yuan Photo:VCG

China's Ministry of Finance (MOF) said on Monday that a total of 237.9 billion yuan ($33.4 billion), through selling special government bonds, has been transferred to local governments for spending, according to Xinhua News Agency.

Earlier, issuing 1-trillion-yuan special government bonds was approved by the National People's Congress Standing Committee in October, with the proceeds to be appropriated to local governments mainly for disaster relief and response. 

Specifically, 107.5 billion yuan of the 237.9 billion will be used for disaster relief, infrastructure refurbishment and disaster response, 125.4 billion yuan for improving and restoring 54 million mu (3.6 million hectares) of farmland in 1,336 counties nationwide, 5 billion yuan for the construction of meteorological facilities, according to Xinhua. 

Wang Jianfan, director of the MOF's budget department, said that more fiscal funds will be allocated later to local governments, following a comprehensive review of all submitted projects.

Global Times