China Investment March 2022

China

China: Nominal fixed investment growth loses pace in March

April 18, 2022

Nominal urban fixed asset investment grew 9.3% in year-to-date terms in March, which followed January–February's 12.2% increase. March's notable slowdown was driven by easing activity growth in the primary, secondary and tertiary sectors. Of the three sectors, secondary activity has recorded by far the fastest growth so far this year, spurred by a large government-led infrastructure push aimed at counteracting the Covid-19 led economic downturn.

On a monthly basis, nominal urban fixed asset investment rose 0.6% in seasonally-adjusted terms in March, which was below February’s 0.7% expansion.

Our panelists see nominal fixed investment rising 4.8% in 2022, down 0.1 percentage points from last month’s forecast, and 4.9% in 2023.


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China Investment March 2022

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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