Beijing bets on faster state-backed projects to spur growth

China can stabilize economic growth this year by accelerating already-budgeted national infrastructure investment projects, reports Reuters citing economists and one government adviser, reducing the likelihood of large-scale ​fiscal stimulus.

Beijing intends to counter a surprising across-the-board fall in investment, which data on Wednesday showed has dragged on growth this year, while maintaining tight control ‌over local government spending.

The decline comes as local officials face stricter scrutiny of capital expenditure, which authorities blame for unproductive infrastructure projects, industrial overcapacity and deflationary price wars among manufacturers.