China Investment August 2019


China: Investment growth moderates in January–August

September 16, 2019

Urban fixed asset investment expanded 5.5% year-to-date in August, below the 5.7% increase in January–July and market expectations of a 5.7% increase.

The result reflected a stronger contraction in the primary sector and a slowdown in investment in the secondary sector. Conversely, investment growth in the tertiary sector accelerated in the same period. Meanwhile, property investment growth slowed to an eight-month low.

In terms of ownership, investment growth in fixed assets of state-owned enterprises was stable but, conversely, decelerated among private companies in January–August.

On a month-on-month basis, investment in urban fixed assets rose a seasonally-adjusted 0.40% in August, marginally down from the 0.41% expansion in July.

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 August 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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