China is planning to establish a state infrastructure investment fund worth 500 billion yuan ($74.69 billion) in the third quarter of the year, sources with knowledge of the matter told Reuters.
The government has pledged 800 billion yuan ($119 billion) in new credit quota and 300 billion yuan ($44.7 billion) in financial bonds for banks to fund big projects.
The fund aims to spur infrastructure spending and revive the economy, which has been slow to recover from the reverberating effects of lockdowns and COVID-19 infections.