China's Fixed-asset Investment Up 4.5 Pct In Q1

BEIJING, (UrduPoint / Pakistan Point News - 16th Apr, 2024) China's fixed-asset investment expanded at a rapid pace in the first quarter of 2024, with high-tech sectors recording strong investment growth, indicating accelerated industrial upgrading in the country.

Fixed-asset investment rose 4.5 percent year on year in the January-March period, with the pace of growth accelerating from a rise of 4.2 percent in the January-February period and 3 percent for the whole year of 2023, data from the National Bureau of Statistics (NBS) showed Tuesday.

Investment in infrastructure construction rose 6.5 percent from a year ago, and manufacturing investment increased 9.9 percent during the period, both quickening from the growth registered in the first two months.

Investment in property development, however, fell 9.

5 percent year on year in the first quarter, according to the NBS.

The country's real estate market is still in a state of adjustment, with policies aimed at supporting the sector's development continuing to take effect, Sheng Laiyun, NBS deputy director, told a press conference.

Sheng said that the country's continuous urbanization process would underpin the real estate market.

Excluding the property development investment, the country's fixed-asset investment climbed 9.3 percent during the first quarter.

Investment in high-tech industries has experienced robust growth, increasing by 11.4 percent from the previous year. In particular, investment in high-tech manufacturing and services expanded by 10.8 percent and 12.7 percent, respectively.