China Investment May 2021


China: Nominal fixed investment disappoints in May

June 16, 2021

Nominal urban fixed asset investment increased 15.4% in year-to-date terms in May, which followed April's 19.9% increase. May's outturn marked the worst reading since December 2020, and undershot market expectations. The figure was due to decelerations in the primary, secondary and tertiary sectors, with infrastructure and property investment in particular losing momentum amid the government’s gradual withdrawal of policy support and efforts to curb financial risks.

On a monthly basis, nominal urban fixed asset investment increased 0.2% in seasonally-adjusted terms in May, which was below April’s 0.9% expansion.

FocusEconomics Consensus Forecast participants expect nominal fixed-asset investment to grow 7.6% in 2021, which is up 0.3 percentage points from last month’s Consensus. In 2022, the panel sees nominal fixed-asset investment growth at 4.7%.


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China Investment Chart

China Investment May 2021

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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