China Investment


Investment slowdown continues in June

In the first six months of the year, urban fixed-asset investment excluding rural households (FAI) rose 20.1% over the same period last year. The figure came in below the 20.4% increase seen in the previous month and marks the lowest reading observed since May 2012. In addition, the result narrowly missed market expectations of a 20.2% expansion. The moderation seen in the January-June period was mainly driven by slower growth in the industrial and services categories. Conversely, growth in the primary sector improved.

A month-on-month comparison does not corroborate the slowdown suggested by the annual figures. In June, investment in urban fixed assets rose a seasonally adjusted 1.51% over the previous month, which was above the 1.43% increase tallied in May.

The government has set a growth target of 18.0% for fixed-asset investment in 2013. FocusEconomics Consensus Forecast participants expect fixed-asset investment to rise 21.1% in 2013, which is unchanged from last month's Consensus. In 2014, the panel sees fixed-asset investment growing 20.0%.

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China Investment Chart

China Investment June 2013

Note: Month-on-month changes of seasonally adjusted urban fixed-asset investment index and annual growth rate (year-to-date) in %. Owing to seasonal factors related to the Lunar New Year, annual figures in January and February are reported together.
Source: National Bureau of Statistics of China (NBS).

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