The Ministry of Finance announced on Wednesday an issue of 1 trillion yuan ($142.4 billion) of new local government special bonds to support infrastructure investment and spur economic growth.

The new bonds accounted for 47 percent of the 2.15 trillion yuan special bond quota in 2019, according to the ministry.

Local governments are required to spend the fund raised via the new special bonds on relating projects "as soon as possible".

The Ministry also called the local governments to make sure that the new bonds can play an important role in stabilizing economic growth at the beginning of next year, according to a statement on the ministry's website.