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

Aerial photo taken on Sept. 20, 2022 shows the construction site of an e-commerce logistics zone project in the Nanning International Railway Port in Nanning, capital of south China’s Guangxi Zhuang Autonomous Region. (Xinhua/Lu Boan)

China’s fixed-asset investment rose 5.8 percent 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 Tuesday.

Fixed-asset investment from January to October totaled 47.15 trillion yuan (about 6.7 trillion U.S. dollars), 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 percent from September.

During the Jan.-Oct. period, fixed-asset investment from the private sector increased 1.6 percent from a year earlier to 25.84 trillion yuan.

Investment in infrastructure and manufacturing gained 8.7 percent and 9.7 percent year on year during the period, respectively. Investment in property development went down 8.8 percent 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 percent and 14 percent 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 percent and 22.5 percent, 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 trillion yuan 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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