Beijing's approval, allowing local governments to issue toll road special bonds, was welcomed by analysts on Thursday, who said it would help fund major road network construction in the central and western regions and lower liquidity risks.

Their remarks followed the issuing of guidelines on the toll road special bonds on Wednesday by the ministries of finance and transport, which said provincial-level governments could issue the paper within the central government's approved annual quotas.

Funding from the bond issuance must be used to build government-operated toll roads.