China's transport investment posts robust growth in Q1

China's transport sector notched an increase in fixed-asset investment in the first quarter of the year (Q1), the Ministry of Transport said Tuesday.

In the January-March period, fixed-asset investment in the sector amounted to 636 billion yuan (about 96.97 billion U.S. dollars), up 9.8 percent year on year, according to the ministry.

The growth rate climbed 1 percentage point from the fourth quarter in 2021, providing effective support for stabilizing the macroeconomy, said Wang Songbo, an official with the ministry, at a press conference.

The majority of the funds went to road and waterway infrastructure construction, with investment in road construction rising 11.8 percent year on year to 481 billion yuan in the period.

Investment in waterway construction came in at 31 billion yuan in Q1, up 5.4 percent. 

China to cut RRR for foreign currency deposits by one percentage point Why is Chinese folk music so popular around the world?