China approves 42 fixed-asset investment projects in Q1

BEIJING, April 22 (Xinhua) -- China's top economic planner approved 42 fixed-asset investment (FAI) projects in the first quarter of the year, with combined investment totaling 280.3 billion yuan (about 41.22 billion U.S. dollars), official data showed.

The projects were mainly in the high-tech, energy and water conservancy industries, according to the National Development and Reform Commission.

Fixed-asset investment, one of the major drivers of China's economy, posted a steady growth of 5.1 percent in the Jan.-March period, according to data from the National Bureau of Statistics.

FAI includes capital spent on infrastructure, property, machinery and other physical assets.