Several of China's provinces are taking stimulus matters into their own hands. Guizhou Province, for instance, is looking for 33 billion yuan ($5.27 billion) in rail funding this year as it works to ensure 25 percent growth in infrastructure and fixed-asset investment.
The public refers to such moves as "mini-stimulus" measures - thereby distinguishing them from the 4 trillion yuan shot in the arm administered by the central government back in 2008.
The start of these measures prior to the release of first quarter macroeconomic data highlights the central government's concern over faltering GDP growth. But the current slowdown has roots in the overcapacity and overinvestment woes which emerged as a result of the lending binge that came six years ago.
It won't be easy to maintain China's past rate of economic growth, especially without help from infrastructure building and property development. At this point, corporations need to become the engines of sustained development, since they can naturally deploy capital more efficiently than State entities.
The author is Song Qinghui, an economic commentator.