China Investment February 2021


China: Nominal fixed investment growth surges in January–February

March 16, 2021

Nominal urban fixed asset investment surged 35.0% year-on-year in January–February (December: +2.9% year-on-year), supported in part by a highly favorable base effect. Investment was strong across sectors, but grew fastest in the primary industry. Moreover, investment in high-tech manufacturing and services was also strong, amid the government’s drive to develop a knowledge-based economy.

On a seasonally-adjusted monthly basis, nominal urban fixed asset investment rose 2.4% in February.

Fixed investment should be robust this year, 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 February 2021 0

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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