China has been looking to stabilise economic growth this year by speeding up already-budgeted national infrastructure projects rather than rolling out broad-based fiscal stimulus, as Beijing seeks to offset a sharp decline in local government investment, according to economists and a government adviser cited by Reuters.
The strategy reflects the central government's effort to support growth while maintaining tighter oversight of local government spending, which policymakers believe has contributed to inefficient infrastructure projects, industrial overcapacity and persistent deflationary pressures in recent years.
