China approves investment projects worth $6.96b in Q1

BEIJING - China's top economic planner approved 16 fixed-asset investment (FAI) projects in the first quarter, with combined investment totaling 45.4 billion yuan ($6.96 billion), official data showed Monday.

The projects were mainly in the transport, energy and high-tech industries, according to the National Development and Reform Commission.

China's FAI posted a strong rebound in the first quarter of 2021 with continued improvement in investment structure.

The FAI went up 25.6 percent year-on-year to 9.6 trillion yuan in the first three months, according to the National Bureau of Statistics.

The double-digit growth was largely driven by a low base of comparison early last year when COVID-19 paralyzed economic activities in China. Compared with the 2019 level, FAI growth came in at 6 percent.

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