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China's Fixed Assets Investment Soars
China's investment in fixed assets topped 2.122 trillion yuan in the first three quarters, up 15.8 percent from the same period of last year, or 4.4 percentage points, according to a report released by the National Bureau of Statistics Tuesday.
In a breakdown, investment by the state-owned sector and other economy types totaled 1.592 trillion yuan, up 18.2 percent year-on-year, and investment by the collectively-owned sector and the individual economy reached 0.275 trillion yuan and 0.255 trillion yuan respectively, with the former witnessing a year-on-year increase of 10.3 percent and the latter 7.9 percent, the report said.
The report also pointed out several characteristics of the investment by the state-owned sector and other economy types in the first three quarters:
First, the growth rate of real estate investment accelerated but that of basic construction and renovation investment dropped. In the first three quarters, investment in basic construction, with a year-on-year increase of 11.7 percent, reached 0.837 trillion yuan, but its growth rate decreased by 0.1 percentage points compared with that of the first half of this year.
Investment in real estate rose 31.4 percent to 0.376 trillion yuan, up 3.2 percentage points in growth span from the first half of this year. And investment in renovation totaled 0.316 trillion yuan, up 24.1 percent, but down 2.8 percentage points from the first six months.
Second, investment in the first and second industries increased, but that in the tertiary industry slowed. In the first three quarters, investment in the first industry dropped 6.3 percent from the same period last year to 0.049 trillion yuan, but the decrease also shrank 5.3 percent from the first half of this year.
Investment in the second industry, with a year-on-year increase of 13.5 percent, totaled 0.493 trillion yuan, up 2 percentage points, and investment in the tertiary industry reached 1.050 trillion yuan, a year-on-year increase of 22.0 percent, but the growth dropped 2.3 percentage points from the first half of this year.
The statistics also show that investment in China's eastern and western areas declined, but that in middle China rose.
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