China ramps up fiscal push to meet growth target

BEIJING/HONG KONG, Oct 9 (Reuters) China allocated 550 billion yuan ($82 billion) in unused government debt quotas on Friday to support local ​government finances and expand infrastructure investment, ‌as it boosts support for an economy battling weak consumption and investment. The step followed a run of soft economic readings that piled pressure on efforts to attain ‌this ​year s growth target of 4.5% ⁠to 5%. Momentum has ⁠faltered after the first quarter as tepid domestic demand and a prolonged property downturn offset a boom in high-tech sectors and goods exports. Of ​Friday s debt quota, 300 billion yuan is earmarked for supporting the daily operations of ⁠county-level and district-level governments, ⁠the finance ministry said in a ​statement. The rest of the proceeds will fund infrastructure projects, especially ​those being built, and in economically stronger ‌regions. China s State Council, or cabinet, pledged last month to step up counter-cyclical policy support to tackle ri