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China approves projects worth $10b in October

Updated: Nov 19,2017 1:28 PM     Xinhua

BEIJING — China’s top economic planner approved 16 fixed-asset investment projects with total investment reaching 66.6 billion yuan ($10 billion) in October. The projects were mainly in the energy, transportation and high tech industries, according to Meng Wei, spokesperson with the National Development and Reform Commission (NDRC).

They included a high-efficiency, low-carbon gas turbine testing apparatus project, Meng said.

This project will play a significant role in supporting the country’s independent development of the aviation, electricity and shipping sectors, he added.

Fixed-asset investment is an important driver of economic growth for China, though the country is trying to shift to momentum that relies more on consumption.

Fixed-asset investment grew 7.3 percent year-on-year in the first 10 months of this year, down from 7.5 percent for the January-September period, data from the National Bureau of Statistics showed.