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China approves $285 billion-worth projects to aid slowing economic growth - NDRC

FXStreet (Mumbai) - On Thursday, the National Development and Reform Commission (NDRC), China's economic planner, announced at a briefing in Beijing that it approved 218 fixed-asset projects worth 1.81 trillion yuan ($285.3 billion) from January to September, as Beijing looks to boost infrastructure investment in a bid to spur the anemic economic growth.

The highest number of approvals was in the transportation and infrastructure sector, which saw 84 projects worth 990.6 billion yuan, Reuters reports.

The commission also gave the approval for 398.2 billion yuan worth of irrigation and water conservancy projects, as well as to 236.6 billion yuan of energy projects.

NDRC spokesman Li Pumin noted, "As these projects are developed and implemented, they can support steady investment growth, beef up development and provide strong foundations for long-term economic development."

Li added a bond fund spearheaded by the State Council and NDRC, involving policy lenders Agricultural Development Bank and the China Development Bank, had invested its first tranche of funds into projects and was now investing its second round.

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