China's Fixed Asset Investments Grow Faster in 1st Quarter

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Last updated at: (Beijing Time) Thursday, April 18, 2002

China's Fixed Asset Investments Grow Faster in 1st Quarter

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Latest statistics show that China 's fixed asset investments (FAI) in the first quarter of this year hit 467.2 billion yuan (56.4 billion U.S. dollars), a year-on-year rise of 19.6 percent, with the growth rate up 7.2 percentage points.

Qiu Xiaohua, deputy head of the National Bureau of Statistics ( NBS), released these figures in Beijing on Wednesday at a press briefing at the State Council Information Office.

According to Qiu, during January-March, the FAI of state-owned and other economic sectors reached 304.9 billion yuan (about 36.84 billion U.S. dollars), up 25.1 percent; that of the collective sectors rose 12.6 percent to 71.7 billion yuan (about 8.66 billion U.S. dollars); and that of individuals grew 9.1 percent to 90.7 billion yuan (about 10.96 billion U.S. dollars).

The FAI in construction increased 20.6 percent, while that of the real estate sector soared 36.2 percent. Both growth rates were higher than for the same period last year, said Qiu.

In the primary industry sector, the FAI increased 11.7 percent, totaling 9.5 billion yuan (about 1.15 billion U.S. dollars); that of the secondary industry reached 101.8 billion yuan (about 12.3 billion U.S. dollars), soaring 24.9 percent; and that of the tertiary industry hit 215.1 billion yuan (about 26 billion U.S. dollars), a growth rate of 27.4 percent.

According to Qiu, the increase of state treasure bonds, the unusual warm winter, the fall in the interest rate for deposits and savings in banks and growing confidence among foreign investors towards China's economy all contributed to the FAI increase.

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