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China approves projects worth over $7b in May

Updated: Jun 15,2017 2:48 PM     Xinhua

BEIJING — China’s top economic planner said on June 15 that it had approved eight fixed-asset investment (FAI) projects with total investment reaching 51.8 billion yuan (about $7.6 billion) in May.

The projects were mainly in the areas of energy, water conservation and industrial production, according to Meng Wei, spokesperson with the National Development and Reform Commission.

China’s FAI moderated in the first five months as the economy showed signs of firming up.

FAI grew 8.6 percent in the first five months year-on-year, down 0.3 percentage points from the January-April period, according to the National Bureau of Statistics.

FAI includes capital spent on infrastructure, property, machinery and other physical assets.