China's fixed-asset investment up 2.9 percent in first 11 months

BEIJING, Dec. 15 (Xinhua) -- China's fixed-asset investment increased by 2.9 percent year on year to around 46.08 trillion yuan (about 6.49 trillion U.S. dollars) in the first 11 months of 2023, official data showed Friday.

This growth rate was the same as that of the first 10 months of this year, according to the National Bureau of Statistics.

In the January-November period, investment in infrastructure construction and the manufacturing sector expanded 5.8 percent and 6.3 percent, respectively, compared with a year earlier, while property development investment dropped 9.4 percent.

Overall private investment edged down 0.5 percent from a year earlier, but when excluding the property sector, it witnessed a robust increase of 9.1 percent.

Investment in high-tech industries climbed 10.5 percent year on year. Capital invested in the manufacturing of aerospace equipment and medical devices jumped 16.2 percent and 14.8 percent, respectively, while that allocated to professional sci-tech services and services for commercialization of scientific and technological achievements surged 34.4 percent and 33.6 percent, respectively.

Fixed-asset investment grew 0.26 percent in November 2023 compared with the previous month, data from the bureau revealed.