China approves projects worth $10 bn in October

Beijing Nov 19 (IANS) China s top economic planner approved 16 fixed-asset investment projects in the energy transportation and high tech industries with total investment of about $10 billion in October officials said.

According to the National Development and Reform Commission s (NDRC) spokesperson Meng Wei this project will play a significant role in supporting the country s independent development of the aviation electricity and shipping sectors reports Xinhua news agency.

"They included a high-efficiency low-carbon gas turbine testing apparatus project " he said.

Fixed-asset investment is an important driver of economic growth for China though the country is trying to shift to momentum that relies more on consumption.

Fixed-asset investment grew 7.3 per cent year-on-year in the first 10 months of this year down from 7.5 per cent for the January-September period data from the National Bureau of Statistics showed.

--IANS
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