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China more than doubles Sept approval for fixed-asset investment projects

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China's state planner in September more than doubled its approval for fixed...

BEIJING - China’s state planner in September more than doubled its approval for fixed-asset investment projects, as Beijing looks to step up support for an economy expanding at the slowest pace in nearly three decades.

The National Development and Reform Commission approved 177.8 billion yuan of investment in 14 fixed-asset projects in September, a commission spokesman Yuan Da told reporters in a briefing on Monday, adding that the investments were mainly in the transportation sector.On Friday, China reported third quarter gross domestic product growth of 6.0%, marking a further loss of momentum for the economy from the second quarter and hitting the lower end of the government target of between 6.0% to 6.

 

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