China has announced plans to speed up fiscal spending and introduce additional measures to support economic growth in the second half of the year, after the economy expanded just 4.3 percent in the second quarter, the slowest pace in more than three years and below the government's full-year growth target range of 4.5 to 5.0 percent. A meeting of the Political Bureau of the Communist Party of China acknowledged that the economy is facing multiple difficulties and challenges, and pledged to intensify efforts to boost domestic demand. However, China is unlikely to roll out massive stimulus measures, as the government wants to address overcapacity in the industrial sector and control spending by debt-laden local governments. The meeting also signaled it will press ahead with tackling intense price competition among manufacturers, known as involution. Many economists believe that accelerating nationally funded infrastructure projects that have already been budgeted could help shore up economic growth without the need to widen the fiscal deficit.