Innovative micro-measures pep up growth in China

Indeed, this round of supportive measures, with a focus on deepening reforms, steered clear of the familiar path of investment-driven development that resorts to stimulus whenever there are signs of slowdown.

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As Nicholas Consonery, Asia specialist at the Eurasia Group, has said, these measures are "more as an attempt to shore up domestic confidence in the economy than as a step to usher in aggressive stimulus moves."

The government, which showed patience and determination in implementing the comprehensive reforms, has learnt to use the power of market to secure sustained development.

It planned to set up a railway development fund, the first of its kind, and introduce new types to railway construction bonds to finance railway construction.

It also decided to let the China Development Bank, the largest policy bank in the country, set up a special organization to issue targeted housing financing bonds to other financial institutions in support of shanty-town reconstruction and other infrastructure projects.

The new financing approach, seen as a reform step, will help establish a long-term sustainable funding channel for much-needed infrastructure projects.

"These measures show that the government aims to stabilize short-term growth with policies which can enhance efficiency while avoiding future financial troubles," said Lu Ting, economist with Bank of America Merrill Lynch, in a research note.

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