China approves investment projects worth $11b in March

BEIJING -- China's top economic planner approved eight fixed-asset investment projects with combined investment totaling 77.3 billion yuan (about $11 billion) in March, official data showed.

The projects were mainly in energy and transportation industries, according to Yuan Da, spokesperson for the National Development and Reform Commission (NDRC).

Earlier data showed China's fixed-asset investment declined 16.1 percent year-on-year to 8.41 trillion yuan in the first quarter of 2020 as the novel coronavirus outbreak disrupted economic activities.

Fixed-asset investment includes spending in infrastructure, property, machinery and other physical assets.

Infrastructure construction has gathered pace across China as the government ramped up funding to spur investment in the sector following basic containment of the epidemic.