China approves 102 projects worth $39b in H1

BEIJING - China's economic planning agency approved 102 fixed-asset investment (FAI) projects with a combined investment totaling 260.3 billion yuan (about $39 billion) in the first half of 2018.

The projects were mainly in high-tech, social service programs and water conservation industries, Yan Pengcheng, spokesperson for the National Development and Reform Commission, told a press briefing on Tuesday.

Data on Monday showed China's FAI grew 6 percent year on year in the first half of this year, 1.5 percentage points lower than that of the first three months.

FAI in high-tech manufacturing displayed strong momentum by growing 13.1 percent year on year, outpacing the country's general FAI growth by 7.1 percentage points.

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