China Should Accelerate Fiscal Policy to Stabilize Growth: Journal

China should increase the intensity of its proactive fiscal policy suport by stimulating effective investment demand especially boosting infrastructure investment growth, so to stabilize the economic growth in Q4 and next year, the China Securities Journal reported citing analysts. The monthly growth rate of real estate investment dropped to nearly zero in August, while exports may slow with the end of the U.S. large-scale fiscal stimulus and improved overseas pandemics, the newspaper said citing CICC Chief Analyst Chen Jianheng. The Chinese government should speed up fiscal spending, especially the issuance and use of local government special bonds to accelerate the construction of major projects, and next year's quota of such infrastructure-back special bonds should also be partly front-loaded, the newspaper said citing Wang Yiming, a member of the Monetary Policy Committee of the People's Bank of China.