China Investment December 2019


China: Investment growth gains steam at the end of the year

January 17, 2020

Nominal urban fixed asset investment expanded 5.4% year-to-date in December, which was above the 5.2% rise in the January-November period. The print exceeded the 5.2% increase that market analysts had expected and represented the strongest reading in three months.

The reading reflected a rebound in the primary sector and faster growth in the secondary sector. Conversely, growth in the tertiary sector moderated. Meanwhile, property investment growth slowed slightly to 9.9%, the lowest rate since the start of the year. In terms of ownership, investment growth in fixed assets of state-owned enterprises decelerated slightly in January-December, while the expansion in investment among private companies accelerated in the same period.

On a month-on-month basis, investment in urban fixed assets rose a seasonally-adjusted 0.44% in December, marginally up from the 0.44% expansion in November.

FocusEconomics Consensus Forecast participants expect nominal fixed-asset investment to grow 5.4% in 2020, which is down 0.1 percentage points from last month’s Consensus. In 2021, the panel sees nominal fixed-asset investment growth at 5.3%. .

Author: Ricard Torné, Lead Economist

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China Investment Chart

China Investment December 2019

Note: Month-on-month changes of seasonally adjusted urban fixed-asset investment index and annual growth rate (year-to-date) in %.
Source: National Bureau of Statistics of China (NBS).

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