Infrastructure approvals hit 70% of last year’s total

BEIJING: China’s government has given the green light to investment in projects that’s worth nearly 70% of what was allowed for the whole of last year, another sign that Beijing is accelerating infrastructure spending to bolster an economy hit hard by Covid-19.

The National Development and Reform Commission (NDRC) approved 32 projects worth a combined 520 billion yuan (US$81.6bil or RM345bil) so far this year in sectors including transportation, energy, and high-tech, Ou Hong, head of the top economic-planning agency’s investment department, said at a briefing yesterday.