China's fixed-asset investment logs stable expansion in January-May

BEIJING, June 15 (Xinhua) -- China's fixed-asset investment registered stable growth in the first five months of the year amid gradual recovery, displaying bright spots in high-tech manufacturing and service sectors.

The country's fixed-asset investment totaled 18.88 trillion yuan (about 2.64 trillion U.S. dollars) from January to May, up 4 percent year on year, according to the National Bureau of Statistics (NBS).

The data revealed that in May alone, China's fixed-asset investment rose 0.11 percent from the previous month.

During the January-May period, investment in infrastructure construction reported robust increase of 7.5 percent year on year. Manufacturing investment also continued the momentum of expansion, up by 6 percent.

Investment in China's high-tech industry maintained strong expansion in the same period amid the country's efforts to promote industrial transformation and upgrading. Thursday's data showed that investment in the high-tech industry increased by 12.8 percent year on year.

In breakdown, investment in high-tech manufacturing rose 12.8 percent year on year, within which the investment in medical equipment manufacturing and instrumentation jumped 18.8 percent and that for electronic and communication equipment soared 16.1 percent.

The period also saw investment in China's high-tech services up 13 percent from the same period of 2022. Specifically, investment in services related to the application of scientific and technological achievements soared 47.4 percent, while that for professional technical services surged 40.6 percent.

In recent years, China has implemented an in-depth innovation-driven development strategy by expanding investment in innovation and actively cultivating new industries and business forms, said NBS Spokesperson Fu Linghui, adding that "the strengthened new growth momentum has increasingly shored up the country's economic development."

Fu noted that since the beginning of this year, China's manufacturing industry has made constant progress in improving quality and intelligence, and in promoting green development, which has continuously released the vitality of innovation and development.