China's central budget will allocate 90 billion yuan ($12.6 billion) this year to support the issuance of childcare subsidies, the Ministry of Finance said Wednesday.

The fund, which is a transfer payment from the central budget, will assist local governments in issuing the subsidies, covering nearly 90 percent of the total amount distributed, ministry official Guo Yang told a press conference.

The move follows the country's recent introduction of a nationwide childcare subsidy program, which is part of broader efforts to support families and encourage childbirth.

Guo added that the ministry, in collaboration with the National Health Commission, will soon release rules covering the distribution, utilization and management of the fund, while specifying the responsibilities of authorities at all levels.

The finance and healthcare departments are actively advancing the calculation and distribution of the fund, Guo said, emphasizing that through comprehensive oversight, every penny will safely reach those eligible for the support.