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Fixed assets investment slows in Jan-Nov

(chinadaily.com.cn/Xinhua)
Updated: 2008-12-16 10:52

China's investment on fixed assets such as roads, bridges and plants, grew 26.8 percent at 12.76 trillion yuan ($1.87 trillion) in the first 11 months, down from 27.2 percent in the first 10 months.

Special coverage: Figures and Surveys Related readings:  Industrial growth lowest in a decade   China's Nov CPI drops to 22-month low  PPI falls to 2-year low in China  Exports, FDI plunge amid global slowdown

Completed investment by State-owned enterprises hit 5.34 trillion yuan, a year-on-year increase of 21.6 percent, the National Bureau of Statistics said.

The investment growth in the real estate sector continue to sag to 22.7 percent in the period throughout November, down from 24.6 percent in October.

"In the next few months, FAI (fixed assets investment) growth may decline further as the export sector responds to deteriorating external demand and real estate construction activity remains tepid," said Jing Ulrich, JP Morgan's chairman for China equities.

China's exports dropped 2.2 percent to $114.99 billion last month, the first monthly decline in seven years. FAI accounted for 42 percent of China's GDP in 2007 and is the single most important driver of GDP growth.

In the first 11 months, China's investment in primary industry was 194.5 billion yuan, up 57.4 percent. The figures for secondary and tertiary industry were 5.72 trillion yuan and 6.84 trillion yuan, up 29.5 percent and 24.1 percent, respectively.

The bureau said actual investment from enterprises on the mainland totaled 11.44 trillion yuan, up 28 percent, while that from Hong Kong, Macao and Taiwan was 561.3 billion yuan, up 18.2 percent.

Foreign investment rose more slowly, growing 15.8 percent to 687.3 billion yuan.

By sector, coal mining saw a 34.8 percent increase. Investment in the thermal power industry jumped 15.7 percent and oil and gas development investment was up 34.8 percent from a year earlier.