Local govts return to investment-driven growth model

Once again, China's local governments are reportedly tilting toward investment-driven programs to avert an economic slowdown.

Domestic media outlets have reported that governments in five provincial-level regions - Guangdong, Hainan, Tianjin, Jiangxi and Guizhou - have launched stimulus packages with a combined value of 7.13 trillion yuan ($1.15 trillion).

But a closer look at these packages indicates that the figures aren't necessarily as impressive as they seem.