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China’s fixed-asset investment up 8.6% in Jan-May

Updated: Jun 14,2017 10:40 AM     Xinhua

BEIJING — China’s fixed-asset investment (FAI) moderated in the first five months as the economy showed more signs of firming up, official data showed on June 14.

FAI grew 8.6 percent in the first five months year-on-year, down 0.3 percentage points from that during January-April, according to the National Bureau of Statistics (NBS).

FAI includes capital spent on infrastructure, property, machinery and other physical assets.

In the primary industry, fixed-asset investment jumped the fastest, up 16.9 percent year on year. Fixed-asset investment in the service industry jumped 11.6 percent and that in the secondary industry grew 3.6 percent.

Infrastructure investment expanded 20.9 percent in the first five months, slowing down from the growth rate in the first four months.

By regions, investment in western China expanded at the fastest rate, while that in the northeast continued to decline.

China is trying to shift its economy toward a growth model driven by consumer spending, innovation and services, while weaning it off over-reliance on exports and investment.

Other indicators released by the NBS, including industrial production and retail sales, pointed to stabilization in China’s economy.