China approves fixed-asset investment projects worth $1.02b

BEIJING - China's top economic planner approved eight fixed-asset investment (FAI) projects with combined investment totaling 7.1 billion yuan ($1.02 billion) in November, official data showed.

The projects were mainly in the energy industry, according to Meng Wei, a spokesperson with the National Development and Reform Commission.

China continued to see steady growth in FAI, boosted by robust high-tech investment and improving trend in some weak areas.

The FAI grew 5.2 percent year-on-year in the first 11 months of 2019, according to the National Bureau of Statistics.

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