China Investment April 2019


China: Investment growth slows in January–April

May 15, 2019

Urban fixed asset investment expanded 6.1% year-to-date in April, below the 6.3% increase in January–March. Moreover, the figure undershot the 6.4% increase expected by market analysts.

The result reflected a contraction in the primary sector as well as softer growth in the secondary sector. Conversely, the tertiary sector expanded at a faster pace compared to the previous month. 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 April, which was marginally down than the 0.47% expansion in March.

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 April 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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