BEIJING: China's state planner said on Thursday it had approved 10 fixed-asset investments worth 121 billion yuan in May, a more than six-fold jump from April, as policymakers seek to get economic growth back on track after a COVID-induced slump.
"We will ensure reasonable economic growth in the second quarter to provide a firm foundation and conditions for the economy in the second half of the year," Meng Wei, a spokeswoman at the National Development and Reform Commission , said at a news conference on Thursday. The Chinese capital Beijing, wrestling with its most serious outbreak since late April, has seen its economy cool sharply, even underperforming the national economy.
In May alone, retail sales dived 25.73 per cent on-year while property sales by floor area dropped 23.1 per cent, according to Reuters calculations based on the official data. China will step up support for private investment, selecting a batch of major infrastructure projects to attract private investors, the cabinet said.