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China’s fixed-asset investment retreats slightly in 9M to September

China’s fixed-asset investment retreats slightly in 9M to September

Mubasher: China’s fixed-asset investment (FAI) grew slightly slower over the first three quarters of this year, but it maintained a steadily pace, driven by investments in high-tech industries, official data showed on Friday.

FAI, which comprises capital spent on infrastructure, property, machinery and other physical assets, expanded by 5.4% year-on-year in the period between January and September to 46.12 trillion Chinese yuan (CNY) ($6.51 trillion).

This was a slight easing, from a 5.5% growth during the period between January and August, according to the National Bureau of Statistics (NBS).

State-backed investment grew faster at 7.3% in the nine-month period, while private-sector investment growth retreated to 4.7% from 4.9% in the eight-month period.

“Investment has maintained steady growth, with that in high-tech industries continuing to post relatively fast growth,” the NBS said.

In terms of sectors, FAI rose slower for manufacturing at 2.5%, and for transport, storage and postal industry at 4.7%.

On the other hand, investment in water conservancy, environment and public facilities management expanded at 3.5% in the period ended last September, versus 2.4% in the period ended last August.

FAI dropped by 2.1% for primary industry such as agriculture, forestry and fishery, which was milder than a drop of 3% in the eight months to August.