China Investment


Investment growth continues to cool down in March

In the January-March period, urban fixed-asset investment excluding rural households (FAI) rose 17.6% over the same period last year, which was below the 17.9% increase recorded in the first two months of the year. The growth rate, which just barely undershot the 18.0% increase that market analysts had expected, represented the weakest expansion in investment since December 2002. The deceleration resulted from a deterioration in the services category. Conversely, growth in the primary and the industry sectors accelerated in March.

A month-on-month comparison shows that investment in urban fixed assets rose a seasonally-adjusted 1.24% in March, which was broadly unchanged from the 1.28% increase tallied in February.

The government set a growth target of 17.5% for urban fixed-asset investment this year. FocusEconomics Consensus Forecast participants expect fixed-asset investment to grow 19.0% in 2014, which is down 0.1 percentage points from last month's Consensus. In 2015, the panel sees fixed-asset investment growing 18.4%.

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China Investment Chart

China Investment March 2014

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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