The credit profiles of China's provinces are expected to be levelled out through the central government's support, according to a Tuesday report from S&P Global Ratings.

The central government's policies, initiatives, and transfers are believed to be able to equalize the fiscal strength of each provincial government, which vary from each other. The less-developed regions usually lag, S&P Global Ratings said.

"China's provincial-level governments are essentially agents that implement national policy objectives and provide public services. And they're now tasked with major initiatives to spur consumer confidence, stabilize the property sector, and resolve debt risks at local government financing vehicles. It's a big ask," S&P Global Ratings credit analyst Christopher Yip said.

Transfers from the central government have been helping to lessen disparities in the provinces' fiscal resources, as well as being able to bolster the development of weaker regions in recent years, according to the report.