China approves eight fixed-asset investment projects worth $1.27 billion in Oct

BEIJING (Reuters) – China’s state planner, the National Development and Reform Commission (NDRC), in October approved eight fixed-asset investment projects worth 9 billion yuan ($1.27 billion), Meng Wei, an NDRC spokesperson told a news conference on Wednesday.

For the January to October period, 97 fixed-asset investment projects worth 1.4 trillion yuan were approved.

China has been stepping up spending on infrastructure projects to prop up the economy which slowed further in October with factory and retail activities missing expectations and property investment falling at the biggest clip since early 2020.

($1 = 7.0637 Chinese yuan)

(Reporting by Beijing Newsroom; Editing by Himani Sarkar)