BEIJING — China's regular transfer of direct fiscal funds to the local level will reach 2.8 trillion yuan (about $435.5 billion) this year, an official said on May 21.

The scale of funds this year is 1.1 trillion yuan more than last year, Vice Finance-Minister Xu Hongcai told a news briefing, adding that over 90 percent of the funds have been allocated so far.

By the end of April, more than 1 trillion yuan of the funds had been used locally to promote employment, ensure people's livelihood, and support market entities, said Liu Jinyun, a senior official with the Ministry of Finance, at the briefing.

In breakdown, more than 740 billion yuan has been spent in various fields including old-age care, compulsory education as well as basic medical care and housing, which accounts for nearly 70 percent of the total funds used, Liu said, citing preliminary calculation.

Over 11 billion yuan has been used to grant employment subsidies and inclusive loans for entrepreneurship to stabilize the overall employment situation, while more than 150 billion yuan has been provided to 280,000 market entities to stimulate their vitality, he added.

The funds have also guaranteed the orderly progress of major projects such as farmland water conservancy and transport infrastructure construction, Liu said.