(Yicai Global) Jan. 3 -- China has issued this year’s quota for local government bond sales early in an effort to steady the economy, with some authorities poised to issue the first batch of bonds as soon as this week.

More than a dozen provincial-level regions have announced plans to issue this year's first batch of local government debt, with the total amount set to exceed CNY1 trillion (USD145 billion) in the first quarter.

China issued about CNY7.4 trillion (USD1.07 trillion) of local government debt last year. Analysts believe that this year's figure will also exceed CNY7 trillion.

Qingdao in eastern Shandong province will sell bonds worth CNY21.3 billion (USD3.1 billion) on Jan. 6, Yicai Global learned from its finance bureau. The CNY17.2 billion the city raises from special bonds will go to 153 municipal, transport, hospital building, and shantytown renovation projects. Xiamen, in southeastern Fujian province, will issue CNY1.4 billion of general bonds on Jan. 9.

To steady the economy, which will likely remain under pressure this quarter, the finance ministry issued the bond quota for local governments in advance, enabling fundraising and investments in infrastructure projects to start as early as this month, according to tax and finance experts.

With the rapid spread of Covid-19 in China, increasing investment in medical resources has become a key initiative for public health. The construction of hospitals also relies on the support of special bonds. Twelve of Qingdao's projects are related to hospital building.

Editors: Dou Shicong, Futura Costaglione