BEIJING -- The issuance of local-government special bonds in China has progressed much faster and is more advanced this year than in previous years, an official said Tuesday.

The country has allocated all special bond quotas for project construction, Vice Minister of Finance Xu Hongcai told a press conference.

By the end of March, the country had front-loaded about 1.25 trillion yuan (about $195.9 billion) worth of the 2022 bond quota, or 86 percent of the total.

According to this year's government work report, the country plans to issue a total of 3.65 trillion yuan of special-purpose bonds for local governments in 2022.

Xu also pledged measures including bigger tax and fee cuts and transfer payments in key fields to offset the loss in fiscal revenue brought about by tax refunds.