China's fixed-asset investment up 4.2 pct in Jan-Feb
Updated: March 18, 2024 10:35 Xinhua

BEIJING, March 18 -- China's fixed-asset investment went up 4.2 percent year on year in the first two months of this year, 1.2 percentage points higher than the full-year growth rate of 2023, data from the National Bureau of Statistics (NBS) showed Monday.

The investment totaled 5.0847 trillion yuan (about 717 billion U.S. dollars) in January and February combined, the bureau said in a statement.

Addressing a press conference on Monday, NBS spokesperson Liu Aihua highlighted some bright spots in investment.

Manufacturing investment rose 9.4 percent year on year during the period, accelerating by 2.9 percentage points from that of 2023. Investment in infrastructure construction rose 6.3 percent from a year ago, 0.4 percentage points higher than that of last year.

Investment in new growth drivers saw relatively fast expansion, with investments in high-tech industries up by 9.4 percent year on year, according to Liu.

Meanwhile, investment in technological upgrades in manufacturing rose 15.1 percent year on year. Investment in solar power and wind power rose 46.4 percent and 17.7 percent in the first two months, respectively.

More capital support was also rendered to enhance people's livelihoods, with investment in the power and heating production and supply sector increasing by 32.7 percent, and in the water management sector by 13.7 percent.

According to the NBS data, private investment in fixed assets rose 0.4 percent year on year in the first two months, reversing a decline observed in 2023. Private investment in manufacturing, hotels, catering and transportation all registered double-digit growth.

As policies aimed at boosting effective investment continue to take effect, investment is expected to maintain steady expansion in the next stage, Liu said.

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