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China approves projects worth over $10b in July

Updated: Aug 16,2018 2:49 PM     Xinhua

BEIJING — China’s top economic planner said it approved 17 fixed-asset investment projects with a combined investment of 77.7 billion yuan (about $11.3 billion) in July on Aug 16.

The projects were primarily in high-tech, water conservancy, energy, and transportation areas, according to Zhao Chenxin, spokesperson for the National Development and Reform Commission.

“The structure of investment continues to be optimized,” he said at a press conference.

Fixed-asset investment, one of the major drivers of China’s economy, has seen slower expansion as the country shifts to consumption- and innovation-driven growth and aims for higher-quality development.

The country’s fixed-asset investment rose 5.5 percent year-on-year in the first seven months of the year, down from 6 percent for January-June, data from the National Bureau of Statistics showed on Aug 16.

Private investment, which accounts for about 60 percent of the overall fixed-asset investment, rose at a faster pace. Meanwhile, investment in high-tech manufacturing jumped 12.2 percent year-on-year, outpacing the overall investment growth.

Fixed-asset investment includes capital spent on infrastructure, property, machinery and other physical assets.