Infrastructure Spending Key to China Arresting Slowdown: Daily

Promoting more infrastructure investment will be significant for China countering the economic slowdown and improve economic efficiency, the official newspaper Economic Daily said in an editorial. As more projects get approved, infrastructure spending is expected to provide more significant boost to the economy in the fourth quarter, the newspaper said. Authorities should properly use local government special bonds, REITs and other policy tools to create more funding for infrastructure, said the newspaper. Separately, the newspaper said China has accelerated the issuances of local government bonds, with Q3 local debt amounting to CNY1.4 trillion, providing funding for "strategic projects" such as transportation and social programs, and many local governments have begun to plan applications for special-purpose bonds next year.