China approves investment projects worth over $78b in Jan-April

BEIJING - China's top economic planner approved 38 fixed-asset investment projects with a combined investment totaling 533.3 billion yuan ($78.6 billion) in the first four months of this year, official data showed Tuesday.

In April, eight fixed-asset investment projects were approved with the total investment reaching 18.8 billion yuan, according to Meng Wei, spokesperson for the National Development and Reform Commission.

The projects approved in April primarily came from the information technology and energy industries, Meng said.

Earlier data showed China's fixed-asset investment jumped 6.8 percent year on year to 15.35 trillion yuan in the first four months.

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

Investment has traditionally been a key engine for growth. In the face of COVID-19 flare-ups and increasing downward pressure on the economy, China has underlined the role of effective investment to bolster growth.