17 FAI projects of US$11.3b get green light

Source: Xinhua | 2018-08-17

China’s top economic planner said yesterday it approved 17 fixed-asset investment projects with a combined investment of 77.7 billion yuan (US$11.3 billion) in July.

The projects were in high-tech, water conservancy, energy, and transport areas, Zhao Chenxin, spokesperson for the National Development and Reform Commission, said.

“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 Tuesday.

Private investment, which takes up 60 percent of the overall fixed-asset investment, rose at a faster pace.