China 2024-03-15T05:12:02+02:00
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China's fixed-asset investment up 5.8 pct in first 10 months

China's fixed-asset investment up 5.8 pct in first 10 months

investment, China, development, statistics, industry, PRC
The construction site of Qinwang tunnel project in Fuyang District of Hangzhou, east China's Zhejiang Province. Photo by Xinhua/Huang Zongzhi.
The construction site of Qinwang tunnel project in Fuyang District of Hangzhou, east China's Zhejiang Province. Photo by Xinhua/Huang Zongzhi.
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China's fixed-asset investment rose 5.8% year on year in the first 10 months of this year, with investment in high-tech industries continuing to log rapid growth, data from the National Bureau of Statistics (NBS) showed. This was reported by The Xinhua News Agency.

Fixed-asset investment from January to October totaled ¥47.15 trln (about $6.7 trln), the bureau said in a statement.

The growth slowed from a 5.9-percent increase posted in the first three quarters of the year. In October, the investment picked up 0.12% from September.

During the Jan.-Oct. period, fixed-asset investment from the private sector increased 1.6% from a year earlier to ¥25.84 trln.

Investment in infrastructure and manufacturing gained 8.7% and 9.7% year on year during the period, respectively. Investment in property development went down 8.8% year on year in the period.

China's high-tech industries continued to see a stellar expansion of fixed-asset investment in the first 10 months, with that in the high-tech manufacturing and services sectors jumping by 23.6% and 14% year on year, respectively, NBS data showed.

Specifically, investment in the sub-sectors of electronic and communication equipment manufacturing and research and design services soared 28.7% and 22.5%, respectively.

China has rolled out a series of pro-investment measures this year. For instance, local governments nationwide have expedited the use of special-purpose bonds to catalyze investment.

Over ¥3.54 trln worth of new special-purpose local government bonds were issued in the first three quarters of this year, data from the Ministry of Finance showed.



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