The mainland's top economic planner yesterday released a detailed report on the results of the government's 4 trillion yuan (HK$4.54 trillion) stimulus package, including the number of newly built highways and affordable homes under construction. The National Development and Reform Commission's report, the first in the past six months, came amid rising questions about the efficacy of the pump-priming because of a lack of contributions from lower-level authorities. A survey by the National Audit Office, published on Monday, said some local governments had stumped up less than half the funds they had promised while Beijing had almost fully delivered its share. However, the state auditor did not elaborate on the details. Observers feared the shortfall could take a dent on the efficacy of the overall stimulus package designed to bolster domestic demand to offset slumping exports. The central government has pledged to fork out 1.18 trillion yuan by the end of next year with the remainder of the 4 trillion yuan funding to come from local-level governments' fiscal spending, bank lending and private-sector investments. The central government has 'completed assigning' 403.5 billion yuan, or 44 per cent of its committed investment, to specific stimulus projects by April 1, Ding Xuedong, the deputy finance minister, was quoted by China News Agency as saying yesterday. The spending has led to the completion of 445 kilometres of highway and 650,000 affordable-home starts, the NDRC report said. Other results included 245 new power substations in rural areas and progress on 6,500 grassroots health-care projects. All in all, fixed-asset investments picked up in the first quarter with a year-on-year increase of 28.8 per cent. However, analysts remained cautious about the sustainability of the spending spree, mainly because of the weakness in public finances at local governments. 'You can't expect local-level governments to come up with more funding under the difficult circumstances,' said Li Weiguang, a professor at Tianjin University of Finance and Economics. Lu Zhengwei, a strategist with Industrial Bank, was more optimistic and expected bank lending to plug the gap left by the cash-strapped local authorities. 'The State Council's recent decision to lower the requirement on capital-loan ratio in new industrial and infrastructure projects showed signs of the government's intention to make use of more bank lendings.' On April 30, the State Council lowered the minimum 30 per cent capital requirement on investments in new projects in industries including urban rail transit, coal, airports, ports, shipping, railways, highways and information technology. Mainland banks have already extended nearly 5 trillion yuan in loans so far this year, with more than 800 billion yuan long-term lending committed to infrastructure projects, the mainstay of the stimulus scheme.