China approves fixed-asset investment projects worth 573.7 bln yuan in first four months

BEIJING, May 20 (Xinhua) -- China's top economic planner has approved 27 fixed-asset investment projects worth 573.7 billion yuan (about 79.8 billion U.S. dollars) in the first four months of this year.

These projects are primarily focusing on industries of energy, agriculture, forestry and water conservation, as well as high technology, Li Chao, a spokesperson for the National Development and Reform Commission (NDRC), told a press conference on Tuesday.

In April alone, the NDRC approved eight fixed-asset investment projects worth 377.1 billion yuan, Li said.

China will update the catalog of industries where foreign investment will be encouraged, opening more sectors, including advanced manufacturing and the digital economy, Li revealed.

China has steadfastly advanced its reform and opening-up policy in more than 40 years, remaining an ideal, safe and enabling investment destination for foreign enterprises, Li said.

However, current unilateral and protectionist measures adopted by certain countries have compelled businesses to take sides and make choices that do not align with economic principles, causing significant disruption to the normal operations of multinational companies, Li said, urging relevant countries to promptly return to the correct path of multilateralism and free trade, working together to inject certainty into global economic development.

Li said that the NDRC has coordinated with relevant departments to accelerate the introduction of several measures aimed at stabilizing employment and economic development while promoting high-quality growth. Currently, relevant departments are working diligently to implement these measures, with most policies expected to be in place by the end of June.