The monthly media briefing by the National Development and Reform Commission was held on Tuesday morning. Hot topics this month continued to be about investment and cutting the overcapcity of steel and coal production. 

Investment has always been critical to the Chinese economy. China's top economic planner said 16 fixed-asset investment projects with a total of 78 billion yuan or about US$12 billion were approved last May. Money have been mostly spent on water conservation, infrastructure, and high-tech areas.

"In Hi-tech areas, we have focused more on medical research, development, and innovation. For instance, we have helped build laboratories for translational medicine in Peking Union Medical College Hospital. If it's established, it will be significant to improve our standards in such areas around the world," said Li Pumin, Secretary General of National Development and Reform Commission.

The ups and downs of steel prices are getting more complicated. The price increased significantly starting March, and continued rising in May. Li explained that multiple reasons like surging property sales have pushed up steel demand.

He said that authorities have been taking and releasing measures to accelerate supply-side structural reform to deal with the overcapacity.

"The 2016 subsidies from the central government have already been given to the locals. So cutting the overcapacity of steel and coal production has completely started," said Li.

Li also mentioned that China's electricity use, particularly in the service and agricultural sectors both rose 9-point-6 percent in the first five months of 2016, while industrial sector's increased by 0.4 percent.

It points to positive changes in China's economic structure, as power use in the service sector grew faster than the industrial sector.