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China approves projects worth over $24 billion in July
August 19, 2017, 7:38 am

China’s economic growth averaged 10 percent for three decades through 2010 [Xinhua]

China’s top economic planner said Friday that it approved 22 fixed-asset investment projects with total investment of 165.5 billion yuan (about $25 billion) in July.

The projects were mainly in energy, water conservation, transportation and high-tech, according to Meng Wei, spokesperson with the National Development and Reform Commission.

China’s FAI saw slower growth in the first seven months of this year, but the overall situation remains steady.

In the January-July period, fixed-asset investment in China grew 8.3 percent year on year to 33.74 trillion yuan, compared with an expansion of 8.6 percent in H1.

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

Chinese economic growth averaged 10 per cent for three decades through 2010 after opening up in the late 1970s.

China is aiming to replace the US as the biggest backer of globalization, with the US turning more and more inward-looking, since Donald Trump was elected on an “America First” platform.

China is now the world’s largest trading nation with almost $600 billion in total trade last year, according to the IMF.

 

TBP and Agencies

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