BEIJING -- China will introduce a new policy-based financial instrument worth 500 billion yuan (about $70.3 billion), as part of the country's efforts to improve financial services for the real economy and boost effective investment, a spokesperson for the National Development and Reform Commission (NDRC) said on Monday.

The funds will be used to replenish project capital, NDRC spokesperson Li Chao told a press conference.

The NDRC is working with relevant parties to swiftly channel the funds to specific projects, and it will urge local governments to accelerate project construction, thereby bolstering stable and sound economic growth, Li added.