China approved major projects worth 1.5 trln yuan by endQQNovember

The NDRC said it will speed up the use of policy-based and developmental financial instruments and infrastructure projects development, in order to expand effective investment.

China had approved 106 major projects with a total investment of about 1.5 trillion yuan (about 214.9 billion U.S. dollars) by the end of November 2022, in its bid to expand effective investment, Chinas top economic planner said on Friday.

File Photo/Liu Guomei (NBD)

By the end of November, over 2,700 projects financed by the countrys policy-based and developmental financial instruments had all started construction, the National Development and Reform Commission (NDRC) said in a statement.

The total annual investment quota — worth 640 billion yuan — from the central government budget has all been allocated, and the rate of projects undergoing construction has reached the highest level in nearly five years.

With the implementation of optimized COVID-19 response and pro-economy policies, Chinas economic growth pace is expected to maintain an upward trend, the NDRC said.