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China's H1 fixed-asset investment projects rise 81% y-o-y to 472b yuan

[BEIJING] China's fixed-asset investment project approval in the first six months increased 81 per cent by value compared with a year earlier as Beijing ramped up infrastructure spending to help support a slowing economy.

The National Development and Reform Commission (NDRC) approved 94 fixed-asset investment projects in January-June worth a total of 471.5 billion yuan (S$93 billion), Meng Wei, spokeswoman at the state planner, told reporters on Tuesday.

That was an increase of 211.2 billion yuan of projects approved compared with the first six months of 2018, when 102 projects worth 260.3 billion yuan were approved.

The NDRC did not give any figures for June this year.

According to Reuters calculations, 15 projects worth a total of 32.8 billion yuan were approved last month. That compares with 20 projects worth 51.6 billion yuan in May.