BEIJING – Official data show that China’s fixed asset investment (FAI) continues to grow due to strong high-tech investment in the first quarter of 2019.
According to the National Bureau of Statistics (NBS), fixed asset investment in the first quarter increased by 6.3% year-on-year, an increase of 0.2 percentage points from the first two months of 2019, and an increase of 0.4 percentage points over the full year of 2018.
Compared with the same period last year, the growth rate dropped by 1.2 percentage points.
In March, fixed asset investment rose by 0.45% from the previous month.
According to the National Bureau of Statistics, fixed asset investment in the first quarter reached 10.187 trillion yuan ($1.5 trillion).
The National Bureau of Statistics said in a statement that “investment has steadily rebounded, and investment in the high-tech industry has grown relatively fast.”
In the first quarter, investment in high-tech manufacturing and services increased by 11.4% and 19.3%, respectively.
According to the National Bureau of Statistics, private investment accounts for about 60% of total fixed asset investment, up 6.4% year-on-year, and also exceeds overall growth.
Investment in the primary and secondary industries increased by 3% and 4.2%, respectively, while investment in the tertiary industry increased by 7.5%.
Wednesday’s data also showed a steady expansion of the overall economy, as the country’s first quarter GDP grew by 6.4% year-on-year, comparable to the fourth quarter of 2018, and within the government’s annual target of 6-6.5%.
