emirates7 - China's fixed asset investment expanded at a quicker pace compared to the previous year, with substantial growth recorded in high-tech industries, according to data released by the National Bureau of Statistics (NBS) on Monday.
As reported by China Central Television (CCTV), total investment in the January-February period amounted to 5.2619 trillion yuan (approximately US$734 billion).
This represents a 4.1 percent increase year-on-year, exceeding the projected full-year growth rate for 2024 by 0.9 percentage points. Fu Linghui, spokesperson for the NBS, shared these insights during a press conference in Beijing.
"Excluding the real estate sector, fixed asset investment saw an 8.4 percent rise. Infrastructure investment grew by 5.6 percent year-on-year, while manufacturing investment climbed by 9.0 percent. Meanwhile, real estate development experienced a 9.8 percent decline. Sales of new commercial housing contracted by 5.1 percent year-on-year, totaling 107.46 million square meters in floor area. However, this was 7.8 percentage points smaller than the full-year decline recorded in 2023. In value terms, new commercial housing sales decreased by 2.6 percent year-on-year to nearly 1.026 trillion yuan, narrowing the decline by 14.5 percentage points," Fu explained.
Investment growth varied across economic sectors, with the primary sector rising by 12.2 percent, the secondary sector increasing by 11.4 percent, and the tertiary sector edging up by 0.7 percent, according to Fu.
"Private investment remained steady compared to the previous year, registering a 6.0 percent increase when excluding real estate. High-tech industry investment saw a notable 9.7 percent year-on-year rise. Specifically, investment in information services surged by 66.4 percent, e-commerce services by 31.9 percent, computer and office device manufacturing by 31.6 percent, and aerospace vehicle and equipment manufacturing by 27.1 percent. In February, fixed asset investment (excluding rural households) inched up by 0.49 percent compared to the prior month," Fu stated.
As reported by China Central Television (CCTV), total investment in the January-February period amounted to 5.2619 trillion yuan (approximately US$734 billion).
This represents a 4.1 percent increase year-on-year, exceeding the projected full-year growth rate for 2024 by 0.9 percentage points. Fu Linghui, spokesperson for the NBS, shared these insights during a press conference in Beijing.
"Excluding the real estate sector, fixed asset investment saw an 8.4 percent rise. Infrastructure investment grew by 5.6 percent year-on-year, while manufacturing investment climbed by 9.0 percent. Meanwhile, real estate development experienced a 9.8 percent decline. Sales of new commercial housing contracted by 5.1 percent year-on-year, totaling 107.46 million square meters in floor area. However, this was 7.8 percentage points smaller than the full-year decline recorded in 2023. In value terms, new commercial housing sales decreased by 2.6 percent year-on-year to nearly 1.026 trillion yuan, narrowing the decline by 14.5 percentage points," Fu explained.
Investment growth varied across economic sectors, with the primary sector rising by 12.2 percent, the secondary sector increasing by 11.4 percent, and the tertiary sector edging up by 0.7 percent, according to Fu.
"Private investment remained steady compared to the previous year, registering a 6.0 percent increase when excluding real estate. High-tech industry investment saw a notable 9.7 percent year-on-year rise. Specifically, investment in information services surged by 66.4 percent, e-commerce services by 31.9 percent, computer and office device manufacturing by 31.6 percent, and aerospace vehicle and equipment manufacturing by 27.1 percent. In February, fixed asset investment (excluding rural households) inched up by 0.49 percent compared to the prior month," Fu stated.