China approves over USD45B worth of investment projects in first 4 months of 2024
Date
5/21/2024 8:08:17 AM
(MENAFN) China's National Development and Reform Commission (NDRC) disclosed on Tuesday that it has greenlit 50 fixed-asset investment projects valued at 320.7 billion yuan (about 45.1 billion U.S. dollars) in the first four months of 2024. These projects predominantly focus on high-tech industries and water conservation initiatives, representing a strategic commitment to fostering innovation and sustainability.
During a press conference, NDRC spokesperson Li Chao highlighted that April saw the approval of 20 fixed-asset investment projects amounting to 115.2 billion yuan. This underscores the continued momentum in investment activities and the government's proactive stance towards driving economic growth.
The robust investment landscape in China is further reflected in the overall expansion of fixed-asset investment, which grew by 4.2 percent year-on-year to reach 14.34 trillion yuan from January to April. This growth trajectory has been fueled by targeted government policies aimed at stimulating effective investment and bolstering economic resilience.
Of particular note is the accelerated pace of investment in large-scale equipment renewals, which surged by 17.2 percent compared to the previous year. This notable growth, exceeding the overall investment pace by 13 percentage points, underscores the success of government incentives in encouraging strategic investment priorities.
Looking ahead, Li emphasized the importance of harnessing the dynamism of market entities and fostering private sector participation in equipment renewals and consumer goods trade-ins. By leveraging the innovative potential of private firms and promoting active engagement in strategic investment initiatives, China aims to sustain its economic momentum and drive long-term growth and prosperity.
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