China FinMin: China's faster fiscal spending supported economy in first quarter

Reuters reports the latest comments from a Chinese Finance Ministry official Hao Lei, with the key quotes found below.

“China’s fiscal spending increased 15 percent during January-March from year ago levels to support economic growth, and local governments quickened their bond issuance for key projects.

The relatively strong fiscal spending provided forceful funding support for implementing major national development strategies, pushing reforms in key areas and improving people’s livelihood.

The faster issuance of local government bonds also helped stabilize economic growth.”

The comments come a day ahead of the Chinese Q1 GDP report release alongside the retail sales, industrial production and fixed asset investment data, dropping in at 0200 GMT on Wednesday.