China Investment


Investment slows again in April

In the first fourth months of the year, urban fixed-asset investment excluding rural households (FAI) rose 20.6% over the same period last year. The print came in below the 20.9% increase seen in the previous month and marks the lowest reading in four months. In addition, the result missed market expectations of a 21.0% expansion.

The slowdown in the January-April period was mainly driven by slower growth in the services category, which more than offset an acceleration in the industrial and the primary sectors.

In April, investment in urban fixed assets increased a seasonally adjusted 1.63% over the previous month, which was below the 1.91% rise seen in March.

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 20.1%.

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China Investment Chart

China Investment April 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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