China's National Development and Reform Commission and the Ministry of Finance have jointly completed the selection of around 38,000 projects to be supported by local government special bonds this year, the country's top economic planner said on Tuesday.

The demand for special bonds in 2024 is around 5.9 trillion yuan, the commission said.

China plans to issue 3.9 trillion yuan (about 548.84 billion U.S. dollars) in the form of special-purpose bonds for local governments in 2024, an increase of 100 billion yuan compared to last year, according to the 2024 government work report.

In the next stage, the commission will guide local governments to ensure project quality and expedite project construction, as well as the use of funds in a manner that will actively expand effective investment.

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