China's fixed-asset investment up 5.3 pct in first 11 months

This aerial photo taken on Oct. 24, 2022 shows the construction site of Qinwang tunnel project in Fuyang District of Hangzhou, east China's Zhejiang Province. (Xinhua/Huang Zongzhi)

BEIJING, Dec. 15 (Xinhua) -- China's fixed-asset investment increased in the first 11 months of 2022, with investment in infrastructure continuing to expand, data from the National Bureau of Statistics (NBS) showed Thursday.

Fixed-asset investment from January to November totaled 52 trillion yuan (about 7.5 trillion U.S. dollars), up 5.3 percent year on year, the bureau said in a statement.

The growth, however, decelerated from a 5.8-percent increase posted in the first 10 months of this year.

The steady growth in investment came as the country stepped up efforts to implement pro-growth policies, fully leverage policy-based and developmental financial instruments, and provide greater support to the private economy, NBS chief statistician Luo Yifei said when commenting on the readings.

From January to November, fixed-asset investment from the private sector increased 1.1 percent from a year earlier to 28.41 trillion yuan.

Specifically, driven by pro-investment policies to boost infrastructure, investment in the sector went up 8.9 percent year on year in the Jan.-Nov. period, 0.2 percentage points higher than that in the first 10 months.

Investment in high-tech industries also saw stellar growth in the same period, with that in high-tech manufacturing and high-tech services growing by 23 percent and 13.2 percent year on year, respectively, data showed.

China has made moves to spur investment this year. For instance, local governments nationwide have expedited the use of special-purpose bonds to catalyze investment.

The latest data reveals that 3.52 trillion yuan worth of special-purpose bonds in total had been allocated as of the end of August, with those issued for project construction almost hitting the annual quota.