Fixed Asset Investment Soars in First Six Months

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Last updated at: (Beijing Time) Friday, July 19, 2002

Fixed Asset Investment Soars in First Six Months

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Fixed asset investment in China totaled 1110.4 billion yuan (about 133.8 billion U.S. dollars) in the first six months of 2002, a rise of 24.4 percent year on year,according to the National Bureau of Statistics.

The NBS figures show infrastructure investment stands at 576.1 billion yuan (69.4 billion U.S. dollars), up 23.0 percent; investment for renovation and upgrading, 206.2 billion yuan (24.8 billion U.S. dollars), up 16.1 percent; and real estate investment,282.1 billion yuan (34 billion U.S. dollars), a rise of 32.9 percent.

Figures show fixed asset investment increased all over China. In the January-June period, investment in China's eastern regions was 666.4 billion yuan (80.3 billion U.S. dollars), up 22.9 percent; investment in the midland was 229.2 billion yuan (27.6 billion U.S. dollars), up 26.7 percent; and in western regions, 178.8 billion yuan (21.5 billion U.S. dollars), up 20.9 percent.

The number of infrastructure projects and newly-start projects increased by big margins, and housing sales jumped 22.4 percent.

The NBS attributed the rapid growth of investment to the rapid pace of the distribution of the national debt and local people's eagerness for development. Urban construction and redevelopment, the implementation of the new housing policy and construction of small-sized towns also contributed to the growth, according to theNBS.

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