BEIJING -- The sixth session of China's 14th National People's Congress Standing Committee passed a decision on Tuesday authorizing the State Council to allocate some of the new local government bond quota in advance.

According to the decision, the State Council could allow local governments to front-load part of their 2024 bond quota to maintain steady investment, expand domestic demand and strengthen weak links.

The State Council would determine the amount a local government could borrow ahead of time, and the measure would last for four years, through to the end of 2027.

The measure will help speed up the issuance and use of local government bonds and ensure the funding needs of major projects in key areas.