China approves investment projects worth US$6.96bil in Q1

A worker welds wheels at a factory in Hangzhou in China's eastern Zhejiang province on April 16, 2021. - AFP

BEIJING, April 19 (Xinhua): China's top economic planner approved 16 fixed-asset investment (FAI) projects in the first quarter, with combined investment totaling 45.4 billion yuan (US$6.96 billion), official data showed Monday.

The projects were mainly in the transport, energy and high-tech industries, according to the National Development and Reform Commission.

China's FAI posted a strong rebound in the first quarter of 2021 with continued improvement in investment structure.

The FAI went up 25.6 percent year on year to 9.6 trillion yuan in the first three months, according to the National Bureau of Statistics.

The double-digit growth was largely driven by a low base of comparison early last year when Covid-19 paralysed economic activities in China.

Compared with the 2019 level, FAI growth came in at 6 per cent.

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