China approved major projects worth 1.5t yuan by end-November

BEIJING -- China had approved 106 major projects with a total investment of about 1.5 trillion yuan ($214.9 billion) by the end of November 2022, in its bid to expand effective investment, China's top economic planner said on Friday.

By the end of November, over 2,700 projects financed by the country's policy-based and developmental financial instruments had all started construction, the National Development and Reform Commission said in a statement.

The total annual investment quota -- worth 640 billion yuan -- from the central government budget has all been allocated, and the rate of projects undergoing construction has reached the highest level in nearly five years.

The NDRC said it will speed up the use of policy-based and developmental financial instruments and infrastructure projects development, in order to expand effective investment.

"With the implementation of optimized COVID-19 response and pro-economy policies, China's economic growth pace is expected to maintain an upward trend," the NDRC said.