China Investment March 2021


China: Nominal fixed investment growth slows in March

April 16, 2021

Nominal urban fixed asset investment increased 25.6% in year-to-date terms in March, which was a deterioration from February's 35.0% increase. March's slowdown came on the back of decelerating tertiary and secondary sectors.

On a monthly basis, nominal urban fixed asset investment grew 1.5% in seasonally-adjusted terms in March, which matched February’s expansion and marked the joint-best result since August 2020.

Fixed investment should continue to be robust this year, despite slowing in year-on-year terms from Q1 as the base effect grows less favorable, aided by the government’s push to strengthen the domestic market and develop high-end manufacturing under its Dual Circulation strategy.

FocusEconomics Consensus Forecast participants expect nominal fixed-asset investment to grow 7.1% in 2021, which is down 0.4 percentage points from last month’s Consensus. In 2022, the panel sees nominal fixed-asset investment growth at 4.6%.


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China Investment Chart

China Investment March 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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