China Railway Erju Co Ltd's workers construct a railway project in Yuncheng, Shanxi Province. (Photo/Xinhua)
China's fixed-asset investment showed stable growth during the first quarter this year, playing a vital role in optimizing supply structure, cultivating new engine and strengthening areas of weakness in people's livelihood.
Zhao Peiya, an official with the investment department under the National Bureau of Statistics, made these remakes in an article posted on the NBS official website Monday.
Total fixed-asset investment stood at 10.07 trillion yuan ($1.6 trillion) from January to March, up 7.5 percent year-on-year. The growth was 0.4 percentage points lower than that of the first two months of this year.
Investment in the service industry rose 10 percent year-on-year. The growth was 2.5 percentage points higher than total investment, and contributed 83.8 percent to the total investment growth.
From January to March, investment in ecological protection and environmental improvement, road transport and public facilities management was up 34.2 percent, 18.9 percent and 13.4 percent respectively.
Infrastructure investment rose 13 percent. Although the growth experienced decline, it was still higher than total investment. In terms of different areas, the central and western regions still saw rapid growth in infrastructure investment, with 15.7 percent in the central area and 17.6 percent in the western region.
Meanwhile, consumption upgrade sectors showed rapid investment growth. With robust demand in healthcare, tourism, education, culture, elderly care and sports, investment in these sectors also experienced rapid growth. During the first quarter, investment into the sports industry surged 37.3 percent, while that in education, healthcare, culture and art, scenic parks and management, respectively rose 26.9 percent, 22.8 percent, 17 percent and, 16.4 percent.
In addition, as the promotion of the rural revitalization strategy and the supply-side structure reform, investment in the primary industry maintained rapid growth.
During the first three months, investment in the primary industry rose 24.2 percent year-on-year. The growth was 16.7 percentage points higher than total investment and contributed 6 percent to investment growth. In breakdown, investment in agriculture, forestry and animal husbandry was up 25.4 percent, 18.2 percent, and 28.8 percent respectively.
From January to March, investment in the manufacturing industry rose 3.8 percent year-on-year. The growth was 0.5 percentage points lower than that of the first two months of this year. However, the high-tech manufacturing still experienced stable growth. During the first three months, investment in high-tech manufacturing grew 7.9 percent, 0.4 percentage points higher than that of total investment.
In breakdown, investment in medical instruments and equipment manufacturing, communication equipment manufacturing, and aerospace vehicle manufacturing grew 39.7 percent, 38.2 percent and 33 percent respectively.
In recent years, high-tech manufacturing has maintained stable growth, while its proportion in total manufacturing investment showed sustained upside trend. Between 2014 and 2017, the proportion of high-tech manufacturing in total manufacturing investment was 10.6 percent, 11.1 percent, 12.1 percent and 13.5 percent respectively. During the first quarter of this year, the proportion grew to 17.8 percent.
High-tech service industry also maintained benign growth. From January to March, investment in the high-tech service industry rose 12.3 percent, up 2.3 percentage points than that of the tertiary industry. In breakdown, investment in environmental monitoring and governance, digital content and relevant services, and information technology was up 42 percent, 23.6 percent and 12.1 percent respectively.
Furthermore, private investment picked up in the first quarter, up 8.9 percent year-on-year. The growth was 0.8 percentage points and 2.9 percentage points higher than that of the first two months and the full year of 2017.
In breakdown, investment in agriculture, forestry, animal husbandry and fishery grew 25.1 percent, 2 percentage points higher than that of the first two months of this year. Investment in the manufacturing industry grew 4.6 percent, up 0.2 percentage points; while that in infrastructure and property sector rose 16.7 percent and 14.6 percent, up 1.2 percentage points and 0.6 percentage points respectively.