China's fixed-asset investment maintains stable expansion in first eight months
Xinhua, September 20, 2024 Adjust font size:
China's fixed-asset investment rose 3.4 percent year on year in the first eight months of 2024, data from the National Bureau of Statistics (NBS) showed Saturday.
Investment totaled 32.94 trillion yuan (about 4.64 trillion U.S. dollars) during this period, the NBS said in a statement.
Investment in infrastructure construction rose 4.4 percent from a year earlier during the January-August period, while manufacturing investment increased by 9.1 percent.
Excluding the property sector, which was still under adjustment, the country's fixed-asset investment increased by 7.7 percent year on year in the first eight months of 2024. Meanwhile, investment in property development fell by 10.2 percent.
Boosted by vibrant demand unleashed by China's new round of large-scale equipment upgrades and trade-in of consumer goods, the country's fixed-asset investment sustained stable expansion, NBS spokesperson Liu Aihua said at a press conference.
NBS data revealed that investment in purchasing equipment, tools and instruments in the first eight months of the year had jumped 16.8 percent year on year.
The spokesperson highlighted the role of investment in providing solid support for fostering new impetus, as more capital flowed into burgeoning high-tech sectors.
Investment in high-tech industries posted robust growth, up 10.2 percent in this period, and maintaining double-digit growth for six consecutive months.
Investment in high-tech manufacturing and high-tech services gained 9.6 percent and 11.7 percent, respectively, from a year earlier in the January-August 2024 period. Notably, the aerospace equipment manufacturing industry saw a 34.4 percent surge in investment, while investment in the e-commerce service sector increased by 16.8 percent.
China will continue to boost effective investment by promoting major projects, industrial upgrades and equipment renewals, said Liu, adding that more investment is needed to upgrade new industries, promote low-carbon transformation and improve weak areas of the economy.