BEIJING, July 30 (Xinhua) -- China's central budget will allocate 90 billion yuan (about 12.6 billion U.S. dollars) this year to support the issuance of childcare subsidies, the Ministry of Finance said Wednesday.

The fund, as transfer payment from the central budget, will help local governments issue the subsidies, covering nearly 90 percent of the total issuance, ministry official Guo Yang told a press conference.

China has recently announced the introduction of a nationwide childcare subsidy program starting this year, as part of broader efforts to support families and encourage childbirth.