BEIJING — Local governments in China issued 3.41 trillion yuan (about $507 billion) worth of new special bonds in the first half of this year (H1), the Ministry of Finance said on July 14.

In the first six months, these new bonds offered support to over 23,800 projects, with 13,000 of them being newly launched, according to Song Qichao, an official with the ministry.

Local government special bonds have played a vital role in boosting effective investment and stabilizing the fundamentals of the macroeconomy, Song said.

The annual quota of new special bond issuance is set at 3.65 trillion yuan this year.

Song added that the ministry would continue to urge local governments to put the final touches to the issuance and allocate bond funds in a timely manner.