China Deploys $70 Billion in New Funding After Investment Cools

China announced it’s offering 500 billion yuan ($70 billion) worth of capital to spur investment, in a long-anticipated move to boost growth after provinces likely diverted funds from projects as they borrowed more to restructure hidden debt.

The government is allocating the money as equity capital under the so-called “new financing policy tool,” said Li Chao, a spokesperson of the National Development and Reform Commission, China’s top economic-planning agency. As part of the program, China’s three policy banks will raise funds through bond issuance or other means and buy stakes in projects, Bloomberg reported earlier this year.