China’s major policy banks announced Thursday the allocation of 500 billion yuan (about 70.56 billion U.S. dollars) through a new policy-based financial instrument aimed at supporting strategic projects across the country.

The China Development Bank, the Export-Import Bank of China, and the Agricultural Development Bank of China contributed 250 billion yuan, 100 billion yuan, and 150 billion yuan, respectively, to finance initiatives in critical sectors and address economic weak points.

The move is expected to catalyze more than 7 trillion yuan in total investment, according to the banks. The funding prioritizes projects in technological innovation, consumption expansion, and foreign trade stabilization, while also backing major initiatives in key economic provinces and private investment ventures.