China approves $45.1b investment projects in early ’24

China’s National Development and Reform Commission (NDRC) has approved 50 investment projects worth 320.7 billion yuan ($45.1 billion) in the first four months of 2024, focusing on high-tech industries and water conservation, Xinhua reported on Tuesday.

In April, 20 projects worth 115.2 billion yuan were swiftly approved. This aligns with China’s 4.2 per cent year-on-year fixed-asset investment growth, totalling 14.34 trillion yuan for January-April. Government policies promoting productive investment are driving this growth.

Investment in equipment and instruments increased by 17.2 per cent compared to last year, surpassing the overall investment growth rate by 13 percentage points, according to the report.

The NDRC plans to enhance market forces by encouraging private companies to engage in equipment upgrades and consumer goods trade-ins. This strategy aims to sustain the momentum of fixed-asset investment in China.