China approves 42 fixed-asset investment projects in Q1

BEIJING -- 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 ($41.22 billion), 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.