China Investment June 2017

China

China: Investment unchanged in June

July 17, 2017

In the first six months of the year, urban fixed-asset investment (FAI), excluding rural households, expanded 8.6% annually, matching the result in the January-May period. The print overshot the 8.5% increase expected by market analysts. The print was the result of stronger growth in the secondary sector, which offset weaker dynamics in the primary and secondary sectors. Investments in the closely-watched real estate development sector moderated, reflecting policy tightening.

Analyzing January-June’s data from the ownership side, investment growth among state-owned and state-holding units remained strong but decelerated to an over one-and-a-half-year low. Conversely, activity among private companies accelerated in the same period.

A month-on-month comparison shows that investment in urban fixed assets rose a seasonally-adjusted 0.73% in June, slightly above the 0.71% increase in May.

The government set a growth target of 9.0% for urban fixed-asset investment for this year. FocusEconomics Consensus Forecast participants expect fixed-asset investment to grow 8.7% in 2017, which is up 0.1 percentage points from last month’s Consensus. In 2018, the panel sees fixed-asset investment growth at 8.0%.


Author: Ricard Torné, Lead Economist

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China Investment June 2017

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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