China approves fixed-asset investment projects worth $55.3 billion

BEIJING -- China's top economic planner approved 50 fixed-asset investment projects worth 370.3 billion yuan (about $55.3 billion) in the first quarter of 2019, official data showed.

These projects are mainly in the energy, transportation and high-tech industries, according to the National Development and Reform Commission (NDRC).

Among them, the Yongqing-Shanghai section of the China-Russia east-route natural gas pipeline project will play an important role in optimizing energy structure, improving gas supply along the route and helping the local economy and environment, according to NDRC spokesperson Yuan Da.

The country's fixed-asset investment rose 6.3 percent year-on-year in Q1, 0.2 percentage points faster than the first two months, according to the National Bureau of Statistics.

Fixed-asset investment includes capital spent on infrastructure, property, machinery and other physical assets.