China Investment May 2019


China: Investment growth slows again in January–May

June 14, 2019

Urban fixed asset investment expanded 5.6% year-to-date in May, below the 6.1% increase in January–April. Moreover, the figure undershot the 6.1% increase expected by market analysts.

The result reflected a deeper contraction in the primary sector as well as softer growth in the tertiary sector. Conversely, the secondary sector expanded at a faster pace compared to the previous month. Moreover, property investment growth receded from April’s nearly four-year high.

In terms of ownership, investment growth in fixed assets of both state-owned enterprises and private companies decelerated in May.

On a month-on-month basis, investment in urban fixed assets rose a seasonally-adjusted 0.41% in May, marginally down compared to the 0.42% expansion in April.

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 May 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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