China to fast track infrastructure investment to spur growth

China will fast track approvals for infrastructure investment to combat a slowdown in the economy, state-backed China Securities Journal reports.  

The government had asked for project proposals by the end of June, even for those initially earmarked for the end of the year, said the journal.

Citing government sources, the article said Beijing did not rule out bringing forward next year's projects, if it thought more investments would be needed to stimulate the economy.?The newspaper also cited media reports saying the central government will speed up budget allocations to various construction projects, including highway construction.

The pace of investment in the likes of roads, bridges and real estate is running at its weakest in nearly a decade, April data showed, suggesting China's economy is heading for a sixth straight quarter of slowing growth.