China has fully allocated a new policy-based financial instrument worth 500 billion yuan ($70.3 billion), the National Development and Reform Commission (NDRC) said on Friday.

The NDRC, together with the Ministry of Finance, the People's Bank of China and other departments, coordinated with the China Development Bank, the Export-Import Bank of China, and the Agricultural Development Bank of China to accelerate the deployment of funds, supporting more than 2,300 projects with a total investment of about 7 trillion yuan, NDRC spokesperson Li Chao told a news conference.

The projects cover areas such as the digital economy, artificial intelligence, consumer-related infrastructure and urban renewal efforts, including transportation, energy, and underground utility network upgrades, Li said.

Li further noted that the instrument increases financial support for major provincial economies while encouraging qualified private investment in key industries and priority sectors.

"Looking ahead, the NDRC will work with relevant departments to accelerate project implementation, transform investment plans into tangible results, and further expand effective investment to drive high-quality development," Li added.

Zhang Chenxu contributed to this story.