Chinese provincial governments have unveiled ambitious investment plans in recent weeks in a bid to shore up flagging growth, even as the central government in Beijing pledges to reduce the country’s heavy reliance on fixed investment.
Economists have warned that excessive and wasteful investment is leading to diminishing financial returns in China as well as rising debt and environmental degradation.
Beijing says it wants to increase the contribution made to growth by consumption and services while reducing the share generated by construction and heavy industry.
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