BEIJING — China's fixed-asset investment (FAI) surged 35 percent year-on-year in the first two months of 2021, data from the National Bureau of Statistics (NBS) showed on March 15.

The FAI amounted to 4.52 trillion yuan (about $695.3 billion) in the Jan-Feb period, up 3.5 percent from the same period in 2019, according to the NBS.

On a monthly basis, the country's FAI climbed 2.43 percent in February.

Investment by the private sector expanded 36.4 percent year-on-year to 2.62 trillion yuan in the first two months of this year, the data showed.

Investment in the primary industry went up 61.3 percent year-on-year, while that in the secondary industry edged up 34.1 percent. Investment in the tertiary industry rose 34.6 percent.

Meanwhile, investment in high-tech manufacturing and services jumped 50.3 percent and 49.8 percent year-on-year, respectively.

The fixed-asset investment includes capital spent on infrastructure, property, machinery and other physical assets.