China to fast track project approvals

China’s State Council announced that some investment projects in the country such as airports and gas factories will no longer need pre-approval from Beijing, Bloomberg reported. The announcement comes after Chinese Premier Li Keqiang pledged to reduce the government’s role in stimulating the economy. In total, 117 types of projects can proceed without approval or be approved by local governments, according to a list published by the State Council. The government said in a statement that these changes are intended to “seriously reduce administrative intervention in microeconomic activities” and to “enhance growth momentum.”