BEIJING: China’s top economic planner approved 237 fixed asset investment projects with total investment reaching 1.89 trillion yuan ($298 billion) in the first 10 months of this year, an official said Thursday.
The amount represented 4.25 percent of the country’s total fixed asset investment in the same period.
In October, the National Development and Reform Commission (NDRC) approved 19 projects with an investment of 86.4 billion yuan, covering water conservancy, transportation, technology and energy sectors, Shi Zihai, head of the NDRC’s policy research office said at a press conference.
Those projects will help coordinate regional development, save water and improve quality of life, Shi said.
The government cut interest rates and the reserve requirement ratio several times this year, reduced taxes and resorted to the key role of investment in stabilizing growth.
In the third quarter, China’s economy expanded by 6.9 percent year on year, the lowest quarterly growth in six years.
