Approval of infrastructure projects to accelerate

China is speeding up the approval of major infrastructure projects in a major effort to offset its economic slowdown.

Citing an anonymous source, the China Securities Journal reported on Monday that the authorities have called for all investment plans for this year to be submitted before the end of next month. And budget funds related to these projects are expected to be in place earlier than planned.

Analysts said they are signs that the central government is resorting to proactive fiscal measure to counter the negative impact of the slowdown in new projects and property development.

China's Producer Price Index fell 0.7 percent in April from a year earlier, according to the National Bureau of Statistics, indicating slowing industrial activity.

Zhang Hanya, director of the Investment Research Institution with the National Development and Reform Commission, said compared to the past two years, the delivery of central government funding has significantly improved.

Some projects approved by the NDRC, construction of which was scheduled to start in the second half of this year, have been brought forward to the first half of this year, he said.

Zhang said it is necessary to loosen the monetary policy as the current tight policy has strained local governments' ability to launch new investment.