China Investment

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China: Investment in 2014 slows to 13-year low

January 20, 2015

In the full year 2014, urban fixed-asset investment excluding rural households (FAI) rose 15.7%, which was well below the 19.6% increase recorded in 2013. The reading represented the weakest expansion in investment since 2001 and matched the result that market analysts had expected. The deceleration observed in 2014 resulted from weaker growth in the secondary and the tertiary sectors. Investment in the primary sector, however, accelerated in the same period. In addition, the closely-watched real estate development indicator moderated sharply in 2014, reaching the lowest annual growth on record.

A month-on-month comparison shows that investment in urban fixed assets rose a seasonally-adjusted 1.21% in December, which was above the 1.02% increase tallied in November.

FocusEconomics Consensus Forecast participants expect fixed-asset investment to grow 15.8% in 2015, which is down 0.7 percentage points from last month’s Consensus. In 2016, the panel sees fixed-asset investment growth slowing to 15.7%.


Author: Ricard Torné, Head of Economic Research

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China Investment December 2014 0

Note: Month-on-month changes of seasonally adjusted urban fixed-asset investment index and annual growth rate (year-to-date) in %. Owing to seasonal factors related to the Lunar New Year, annual figures in January and February are reported together.
Source: National Bureau of Statistics of China (NBS).


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