China on track to hit 2024 GDP target despite pressures NDRC
Government will frontload 2025 fiscal spending to spur growth
Stock rally fizzles on lack of specific plans to bolster economy

BEIJING, Oct 8 Reuters China said on Tuesday it was fully confident of achieving its fullyear growth target but refrained from introducing stronger fiscal steps, disappointing investors who had banked on more support from policymakers to get the economy back on track.

China shares rallied in early trade to twoyear highs after the long National Day holiday but quickly lost steam after the state planner did not provide details to sustain market optimism. Hong Kong shares slumped as investors also walked back some of the stimulus excitement.

Chairman of the National Development and Reform Commission NDRC Zheng Shanjie told a press conference the government planned to issue 200 billion yuan 28.3 billion in advance budget spending and investment projects from next year.

The country will also quicken fiscal spending and all sides should keep making efforts more forcefully to strengthen macroeconomic policies, he added.

The international market is volatile, global trade protectionism has intensified, and uncertain and unstable factors have increased. These will have an adverse impact on my country through trade, investment, finance and other channels, Zheng said.

Investors and economists say more policy support is needed on the fiscal side to sustain the market39;s optimism, likely…