June 15, 2018 / 2:26 AM / a year ago

China approves 16 investment projects in May worth 18 billion yuan

BEIJING (Reuters) - China’s National Development and Reform Commission (NDRC), the country’s top economic planner, said on Friday that it approved 16 fixed asset investment projects worth 18 billion yuan ($2.81 billion) in May.

The projects were mainly in telecommunications, NDRC spokeswoman Meng Wei told reporters at a news conference.

The NDRC said last month that it approved 15 fixed asset investment projects worth 51.7 billion yuan in April.

Official data on Thursday showed China’s fixed asset investment growth cooled to 6.1 percent in January-May from the same period a year earlier, the slowest pace since at least February 1996.

Reporting by Beijing Newsroom; Writing by Ryan Woo; Editing by Kim Coghill

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