China's economic recovery may accelerate in the fourth quarter of the year as the financial support for major projects are making concrete progress, the country's top economic planner said on Wednesday.

To increase financing support, China's State Council deployed policy-backed and development-oriented financial instruments for specific projects at the end of July.

"Financial instrument funds of 739.9 billion yuan ($104.5 billion) have been channeled by now, quickening the concrete progress as most of the supported projects have started construction," said Meng Wei, a spokesperson for the National Development and Reform Commission (NDRC) at a press conference.

The financial instruments have played a positive role in stabilizing investment as China's fixed asset investment increased by 5.8 percent in October, infrastructure investment raised by 8.7 percent for the month despite a decline in real estate investment. The manufacturing investment grew steadily at 9.7 percent, said Meng.

In the first 10 months of the year, the NDRC approved the investment of 1.4 trillion yuan in 97 fixed asset investment projects primarily in energy, transportation, water conservancy industries.

The NDRC pledged more policy support for private investment, noting that the private investment only climbed 2 percent in the first three quarters as it was disrupted by the sporadic COVID-19 flare-ups and rapid movements in geopolitics.

Earlier this month, the NDRC published 21 policy guidelines to localities and departments around the country in a bid to vigorously support the development of the private investment.