BEIJING — China has allocated 848 billion yuan (about $122 billion) worth of new local government bonds quota, according to the Ministry of Finance.

Of the total, 290 billion yuan worth of quota were allocated for special bonds, said the ministry.

So far this year, a total of 1.85 trillion yuan of local government bonds quota has been allocated ahead of schedule.

China has accelerated local government bond issuance and expanded the new bond quota in recent years to finance infrastructure construction and shore up the economy.