China approved 227 projects worth $246 billion in 2016

China approved 227 projects worth 1.704 trillion yuan ($246.55 billion) in 2016, China's National Development and Reform Commission (NDRC) said, says a Reuters report.

The NDRC approved 23 fixed-asset projects worth 184.0 billion yuan in December, NDRC spokesman Zhao Chenxi said at a regular press briefing.

China planned to invest 1.2 trillion yuan ($173.57 billion) between 2016 and 2018 in a three-year action plan for the development of information infrastructure.

Meanwhile, Chinese outbound foreign direct investment (OFDI) vaulted to a record high in 2016 to hit nearly 200 billion dollars, a report said yesterday.

The EU continued to be the favorite destination for Chinese investors. However, imbalances continued to grow as Chinese investors spent four times as much on acquisitions in the EU last year as European investors did in China.

According to the study by research firm Rhodium Group and the Mercator Institute for China Studies, Chinese direct investment in the EU grew by 76 per cent to €35.1 billion ($36.9 billion) in 2016, as against the opposite flow of €7.7 billion.

"The increase in Chinese OFDI was so dramatic in 2016 that China's leadership is now stepping on brakes on the pace of capital outflows ... Beijing has already taken steps to tighten reviews and crack down on illegitimate transactions," the report said.

According to the authors, the reluctance of some European companies to invest in China was due to tapering economic growth in China as well as access hurdles to the country's markets.

"The only way to ensure that the European business community, government leaders and the broader public continue to welcome growing Chinese investment in Europe is to make real progress on reforms that increase the role of markets and level the playing field for foreign companies in China," the report said.