China’s fixed-asset investment further stabilizes in January-October

BEIJING, Nov. 15 (Xinhua) — China’s fixed-asset investment expansion continued to stabilize as the country’s supportive policies boosted economic activities and confidence.
The fixed-asset investment rose 3.4 percent year on year in the first 10 months of 2024 to 42.32 trillion yuan (about 5.88 trillion U.S. dollars), data from the National Bureau of Statistics (NBS) showed Friday.
The growth of fixed-asset investment has maintained flat for three consecutive months, stemming a downward trend seen during previous months this year.
“The country’s investment growth has remained generally stable, and the investment structure continued to improve,” NBS spokesperson Fu Linghui told a press conference.
Fu expected investment to further expand, as the effects of the country’s supportive policies continued to filter through.
To beef up the economy, the Chinese authorities have unveiled a broader-than-expected policy package since late September, which focused on enhancing counter-cyclical adjustments, expanding effective domestic demand, supporting business operations, promoting the recovery of the property market, and invigorating capital markets.
Friday’s data showed that the country’s investment in infrastructure construction rose 4.3 percent from a year ago during the January-October period, and manufacturing investment increased 9.3 percent, with the growth rates both accelerating from those registered in the first nine months of the year.
Excluding the property sector, the country’s fixed-asset investment climbed 7.6 percent in the first 10 months. Investment in property development fell 10.3 percent during the period.
With the property sector excluded, private investment grew 6.3 percent from January to October, the NBS data showed.
Investment in high-tech industries maintained robust growth, up 9.3 percent year on year. In breakdown, investment in high-tech manufacturing and high-tech services gained 8.8 percent and 10.6 percent, respectively.
The stabilization of investment growth came amid a series of October’s indicators that added evidence to the further strengthening of the economic recovery.
The NBS data also showed that retail sales of consumer goods expanded 4.8 percent year on year last month, quickening from the 3.2 percent increase in September. ■