China’s state planner said on Thursday it had approved 10 fixed-asset investments worth RMB 121 billion ($18.1 billion) in May, a more than six-fold jump from April, as policymakers seek to get economic growth back on track after a COVID-induced slump, reports Reuters.
Data on Wednesday suggested activity in the world’s second-largest economy is beginning to pick up again in some sectors after widespread COVID-19 lockdowns in April and early May, but the outlook remains uncertain, particularly for cities like Beijing which are still trying to bring caseloads down to zero.
Most private economists believe China’s economy contracted in April-June after growing 4.8% in the first three months. The government has vowed to achieve positive growth in the second quarter.