China approves projects worth $3.5b in November

BEIJING - China's top economic planner approved 13 fixed-asset investment projects in November with a combined investment of 24.2 billion yuan ($3.5 billion), latest data showed.

The projects were primarily in high-tech and transportation sectors, according to the National Development and Reform Commission.

Fixed-asset investment, one of the major drivers of China's economy, picked up pace for a third straight month, an encouraging sign amid increasing downward pressures on the wider economy.

The investment climbed 5.9 percent year-on-year in the first 11 months of 2018, quickening from the 5.7-percent growth in January-October, the National Bureau of Statistics said Friday.

Fixed-asset investment includes capital spent on infrastructure, property, machinery and other physical assets.