China approves projects worth over $1.65b

BEIJING - China's economic planner has approved 8 fixed-asset investment (FAI) projects with combined investment totaling 10.76 billion yuan (about $1.65 billion) in August.

The projects were mainly in water conservation and high-tech industries, according to Meng Wei, spokesperson with the National Development and Reform Commission.

China's FAI remained basically stable in the first eight months of the year thanks to robust investment in infrastructure.

In January-August, FAI grew 7.8 percent year on year to 39.42 trillion yuan, slower than the 8.3 percent increase in the first seven months.

Infrastructure investment, which accounts for more than 20 percent of total FAI, jumped 19.8 percent, driven by investment in public facility management and road transport. High-tech manufacturing saw investment up by 19.5 percent.

FAI includes capital spent on infrastructure, property, machinery and other physical assets.