China approves projects worth over 10 bln USD in July

Source: Xinhua | 2018-08-17

China's top economic planner said Thursday it approved 17 fixed-asset investment projects with a combined investment of 77.7 billion yuan (about 11.3 billion U.S. dollars) in July.

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 Tuesday.

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.