BEIJING — China's local government bond issuance hit 1.2 trillion yuan (about $175.4 billion) in August, data from the Ministry of Finance showed on Sept 9.

The figure took the total local government bond issuance for the year to 4.96 trillion yuan by the end of August as authorities quickened bond sales as part of proactive fiscal policies to shore up the virus-hit economy.

Among the issuance, new sales amounted to 3.75 trillion yuan, accounting for 79.3 percent of the 4.73-trillion-yuan quota planned for the year, the MOF data showed.

The ministry pledged to continue to quicken bond sales to facilitate the implementation of proactive fiscal policy.

China has accelerated the issuance of local government bonds this year to facilitate the timely implementation of various projects in order to mitigate the impacts of the novel coronavirus outbreak.