China’s main state planning body made assurances on Wednesday that controlling nationwide debt levels will remain a priority, Reuters reports, despite the government rolling out a number of policies to help boost its slowing economy.
The National Development and Reform Commission (NDRC) made the comments the day following weaker-than-expected spending data for July, where key indicators of domestic demand such as fixed asset investment growth fell to record lows.
China is facing a number of economics headwinds, including rising trade tensions with the US, which have prompted stimulus measures from Beijing. NDRC spokesman Cong Liang said that new spending will be targeted on infrastructure, elderly care and education, aiming to meet real demand and avoid overcapacity.
In the past few days alone, a number of infrastructure projects have been given the go-ahead, including Rmb 12 billion ($1.74 billion) for high-speed rail and toll road projects supplied by state-owned Jiangsu Communications Holdings on Wednesday.