China Triples Investment Project Approvals to Stimulate Economy

So far this year, China has approved investment projects worth three times what was approved by this time last year, as Beijing ramps up efforts to boost an economy weighed down by Covid outbreaks and weak demand.

The economic planning agency has green-lit 48 fixed-asset investment projects with a combined value of 654.2 billion yuan ($97.6 billion) in the first five months of the year, according to Meng Wei, spokeswoman of the National Development and Reform Commission. That’s a 215% surge from the same period last year, according to Bloomberg calculations based on official data. Ten projects worth 121 billion yuan were approved just last month.