China approves more fixed asset investment projects

BEIJING - The National Development and Reform Commission, China's top economic planner, approved 12 fixed-asset investment projects with the combined investment totaling 70.5 billion yuan (about $10 billion) in July, data showed.

The projects were mainly in energy and transportation industries, according to Meng Wei, spokeswoman for the National Development and Reform Commission.

China's fixed-asset investment growth remained basically stable in the first seven months of the year, expanding 5.7 percent year on year thanks to robust high-tech investment, earlier data showed.

Investment in high-tech manufacturing surged 11.1 percent, 5.4 percentage points faster than total investment growth, while investment in high-tech services grew 11.9 percent, 6.2 percentage points faster than the average growth.

Fixed-asset investment includes spending in infrastructure, property, machinery and other physical assets.