China has allocated 200 billion yuan ($28 billion) for local government investment projects this year in a bid to meet its economic growth targets. The announcement was made by the country's top planning agency at a press conference, disappointing investors who were expecting a larger stimulus package.
The commission's chairman expressed confidence in achieving the annual economic and social development goals, despite concerns raised by weak economic data over the summer. China had set a 5% growth target in March, but challenges such as a property crisis, weak spending, and high youth unemployment have impacted the economy.
