China approves fixed-asset investment projects worth $7.48b

BEIJING - China's top economic planner has approved 20 fixed-asset investment (FAI) projects with combined investment totaling 51.6 billion yuan ($7.48 billion) in May, official data showed Monday.

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

China's FAI remained basically stable in the first five months of the year thanks to robust high-tech investment.

The FAI grew 5.6 percent year-on-year during the January-May period, with investment in high-tech manufacturing and services surging 10.2 percent and 15.6 percent year-on-year, respectively.

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