The finance ministry has raised a net 1.45 trillion yuan ($200 billion) via sovereign notes so far this year, triple the amount for the same period a year ago and marking a record for any first quarter, according to Bloomberg calculations of official data.

The spike in debt financing underscores Beijing’s urgency to expand fiscal spending to cope with housing woes, deflationary pressures and trade tensions. Meanwhile, it also helps to take more heat off a bond market whose stunning rally last year raised concerns about long-term financial risks.