BEIJING - The value of China's local government bond issuance stood at 272.2 billion yuan (about $39 billion) in July, data from the Ministry of Finance (MOF) showed Tuesday.

The data took total local government bond issuance to 3.76 trillion yuan by the end of July 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 2.83 trillion yuan, accounting for 59.8 percent of the 4.73-trillion-yuan 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 local government bond issuance this year to help the timely implementation of various projects in order to mitigate the impacts of the novel coronavirus outbreak.