(Yicai Global) Sept 9 -- China's local government bond issuance hit CNY1.2 trillion (about USD175.4 billion) in August, data from the Ministry of Finance showed Today.

The figure took the total local government bond issuance for the year to CNY 4.96 trillion 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 CNY3.75 trillion, accounting for 79.3 percent of the CNY4.73 trillion 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.