Fiscal spending can directly influence fixed-asset inves

tment, and it could also leverage on more bank lending and attract private funds to increase investment, said Xu.

In the meantime, allowing retail access to local government bonds will help diversify the

investor base and increase market liquidity, said Amanda Du, an analyst at Moody’s Investors Service.

The analyst expected access for retail investors to widen to encompass all local government bonds in 2020.

hina’s economy grew at a faster-than-expected 6.4 percent year-on-year in the first qua

rter, according to data released by the National Bureau of Statistics on Wednesday.

The growth was unchanged from that registered in the fourth quarter of last year.

The country’s industrial output posted steady growth in the same period, up by 6.5 percent

year-on-year, compared with 5.7 percent in the previous quarter, official data showed.

Fixed-asset investment growth was 6.3 percent in the first quarte

r, compared with 6.1 percent in the first two months, according to the NBS.

Retail sales increased by 8.3 percent year-on-year in the same pe

riod, compared with 8.2 percent in the first two months, the data showed.

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