China’s top economic planner launches new major foreign investment projects, plans to invest over $15 billion

Beijing: The National Development and Reform Commission (NDRC), China’s top economic planner, has launched its seventh batch of major foreign investment projects to further consolidate the fundamentals of foreign investment.

The 11 selected projects cover a number of fields, including biomed, automobile manufacturing, new energy batteries, and chemical production, marking an all-time high.

The total planned investment for the projects exceeds $15 billion, and the investment in any single project is generally more than $1 billion, CGTN reported on Sunday.

The projects incorporate leading technologies, which will further help the country promote its industrial upgrading. Meanwhile, they will also promote the development of industrial clusters, stimulating local employment.

Up to now, the first six batches of 40 major foreign investment projects have completed a total investment of $73 billion, and 23 have been fully or partially put into production, according to the NDRC.APP/asg