Fiscal policies crucial to boost growth, says NDRC

Fiscal policies should play a bigger role to shore up growth at a time when investment is slowing down, according to a report by the nation's top economic regulator on Monday.

In the first seven months, new investment projects added to the government project database rose by 3.1 percent year-on-year, down by 3.8 percentage points compared to January to June period, data from the National Development and Reform Commission showed.

During Jan-to-July period, new projects in manufacturing and real estate sector increased by 12.4 and 38.1 percent year-on-year, respectively, while infrastructural construction projects went down by 35.2 percent compared to the same period last year, data showed.

The cooling down trend adds signs to multiple constraints in infrastructure construction growth momentum and lack of sufficient development in high-end manufacturing industries, according to the NDRC.

Local governments should improve policy support in a timely manner, and promote the implementation of high quality investment projects to land as soon as possible, the report said.