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China's Fixed Assets Investment Surges in First Half of Year
China's investment in fixed assets rose quickly in the first half of the year to reach 1,189.9 billion yuan, up 15.1 percent over the same period of last year.
According to the figures released by the National Bureau of Statistics (NBS) Friday, the investment growth rate made by both the state-owned and collective sectors increased in the January- June period. However, the growth rate of investment made by the private sector decreased.
Fixed asset investment made by the state-owned sector grew 17.9 percent year-on-year to reach 892.8 billion yuan. Collective enterprises' investment rose 8.7 percent to reach 138.3 billion yuan. The growth rates in the two sectors were 5.8 and 1.7 percentage points higher than the growth rates in the same period of last year.
However, investment made by the private sector rose only 6.5 percent to reach 158.8 billion yuan, 2.1 percentage points lower than the growth in the same period of last year.
NBS statistics show that in the private sector, investment made by farming households slowed down by 4.3 percentage points to a growth of 4 percent during the January-June period. The investment by farmers totaled 116.5 billion yuan in the period.
At the same time, private investment in urban areas reached 42. 3 billion yuan, up 14 percent over one year ago. The growth was 3. 7 percentage points higher than last year.
The NBS said that the faster growth of private investment in urban areas was mainly due to a rapid increase in investment by private enterprises. The private enterprises made a total of eight billion yuan worth of investment in fixed assets from January to June, up 62.8 percent from last year.
As investment in China's western areas showed a rapid increase, the central and eastern parts of the country also saw quite high growth rates. Investment in infrastructure construction, technological upgrading and real estate development kept a momentum of rapid growth.
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