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China passes eight fixed-asset investment projects totaling 9 billion yuan
China's National Development and Reform Commission (NDRC) approved eight investment projects aimed at the country's capital stock in October. Their cost is expected to be 9 billion yuan ($1.27 billion), committee spokesman Meng Wei said in a press release on Wednesday.
Reuters reports that between January and October 2022, the commission implemented 97 investment projects worth 1.4 trillion yuan.
The Chinese government is increasing funding for infrastructure programs. It aims to stimulate the economy, which slowed sharply in October. The reason was unjustified expectations for manufacturing and retail trade volumes. Falling real estate investments also played a role, reaching the level of early 2020.
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