China needs to rely on investment to steady economic growth: NDRC

[SHANGHAI] China's National Development and Reform Commission (NDRC) said on Thursday that China needs to rely on investment to keep short-term economic growth steady.

Shi Zihai, NDRC spokesperson, told a press conference that the agency approved 86.4 billion yuan worth of fixed asset investment projects for the month of October.

He added that the agency would accelerate project approvals.

It has approved 237 projects worth 1.9 trillion yuan (S$423 billion) in the first 10 months of the year.

Shi said that China's job market remains relatively good despite downward economic pressure.

REUTERS