A key funding program announced by [ADDRESS] nearly half a year ago to shore up investment has yet to get off the ground, according to Caitong Securities Co., a delay that could blunt its impact as economic growth grinds slower. Officially known as the New Policy-Backed Financing Instruments, which under government plans can unlock 800 billion yuan ($119 billion) for projects in 2026, the initiative has only been recently opened to pitches from local administrations, [ADDRESS] analysts led by [PERSON_NAME] wrote in a note. The [ADDRESS]-based brokerage, controlled by the provincial government of [ADDRESS] in eastern [ADDRESS], expects it will take "at least another month or so" for the money to be deployed.