China Investment March 2019


China: Investment growth hits a nearly one-year high in January–March

April 17, 2019

Urban fixed asset investment expanded 6.3% year-to-date in the first three months of the year, slightly above the 6.1% increase in January–February and the highest reading since May 2018. Moreover, the figure was in line with market expectations.

The result reflected a robust expansion in the tertiary sector, while dynamics in the primary and secondary sectors moderated in the same period. Moreover, property investment growth hit an over four-year high, suggesting that policy stimulus is gradually kicking in.

In terms of ownership, investment growth in fixed assets of state-owned enterprises accelerated, while that of private companies lost steam.

On a month-on-month basis, investment in urban fixed assets rose a seasonally-adjusted 0.45% in March, which was marginally up than the 0.42% expansion in February.

FocusEconomics Consensus Forecast participants expect fixed-asset investment to grow 6.3% in 2019, which is unchanged from last month’s Consensus. In 2020, the panel sees fixed-asset investment growth at 6.2%.

Author: Ricard Torné, Lead Economist

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China Investment Chart

China Investment March 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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