China Investment April 2022


China: Nominal fixed investment growth slows in April

May 16, 2022

Nominal urban fixed asset investment increased 6.8% in year-to-date terms in April, which followed March's 9.3% increase. The deceleration was due to weaker growth in the primary, secondary and tertiary sectors. Of the three, secondary-sector investment still recorded by far the fastest growth, likely aided by the government’s push to develop high-end manufacturing. Meanwhile, government investment significantly outpaced private investment, with private investment intentions subdued by Covid-19 restrictions and regulatory uncertainty.

On a monthly basis, nominal urban fixed asset investment dropped 0.8% in seasonally-adjusted terms in April, contrasting March’s 0.4% expansion and marking the worst result since February 2020.

Our panelists see nominal fixed investment rising 4.8% in 2022, unchanged from last month’s forecast, and 5.0% in 2023.


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China Investment Chart

China Investment April 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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