China approves $13 billion worth of fixed-asset investment projects in August

© Reuters. A Chinese flag is pictured at Lujiazui financial district in Pudong, Shanghai

BEIJING (Reuters) – China’s state planner said on Wednesday it had approved six fixed-asset investment projects across the country worth a combined 88.2 billion yuan (10.10 billion pounds) in August.

Meng Wei, a spokeswoman for the National Development and Reform Commission, disclosed the figures in a press briefing where she also gave some fixed asset investment data for the western region.

Fixed asset investment in China’s western region grew 2.1% in the first seven months of the year, she said, adding that local governments there should be strictly on guard against debt risks.

Investment in the regions of Xinjiang and Tibet in particular grew 25.5% and 12.7% respectively over that period, said the spokeswoman.

That compared to a 1.6% decline in fixed asset investment nationwide in the first seven months of 2020.

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