China fixed-asset investment approvals almost doubled in 2022 to $218 billion

BEIJING : China's state planner approved 1.48 trillion yuan worth of fixed asset investment projects in 2022, nearly double the value from the previous year, as authorities geared up to support the COVID-hit economy.

China has been stepping up spending on infrastructure projects to prop up economic growth, which slumped to one of its worst levels in nearly a century over 2022, with gross domestic product expanding by just 3.0 per cent from a year earlier, badly missing the official target of"around 5.5 per cent" set at the beginning of last year.

China's exports shrank sharply in December as global demand cooled, contracting 9.9 per cent, while imports fell by a more modest 7.5 per cent.

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