China Investment December 2018

China

China: Investment growth steadies in December

January 21, 2019

Urban fixed asset investment expanded 5.9% year-to-date in 2018 (2017: +7.2%), unchanged from the result in the first 11 months of the year. However, the figure was below market expectations of 6.0% growth.

The result reflected a robust acceleration in the primary sector, which offset a mild deceleration in the tertiary sector. Investment dynamics in the secondary sector were unchanged in the January–December period compared to January–November. Investments in the real estate sector moderated to a one-year low in the January–December period, indicating that the housing market is cooling.

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

On a month-on-month basis, investment in urban fixed assets rose a seasonally-adjusted 0.42% in December, which was marginally lower than the 0.43% expansion in November.

FocusEconomics Consensus Forecast participants expect fixed-asset investment to grow 6.1% 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 December 2018

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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