BEIJING -- China has allocated a total of 500 billion yuan (about $70.56 billion) through a new policy-based financial instrument, the country's major policy banks announced on Thursday.

The China Development Bank, the Export-Import Bank of China, and the Agricultural Development Bank of China allocated 250 billion yuan, 100 billion yuan and 150 billion yuan, respectively, to support the construction of projects in key areas and weak links.

The move is expected to stimulate over 7 trillion yuan in investment, according to statistics from the policy banks. The financial instrument prioritizes projects in technological innovation, consumption expansion and foreign trade stabilization, while also supporting initiatives in major economic provinces and private investment projects.

Industry experts believe the financial instrument will accelerate the construction of projects planned in the first half of the year, boost tangible output in the fourth quarter, expand effective investment, and promote the stable and healthy development of China's economy.