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China Investment May 2023

China: Nominal fixed investment records lowest growth since December 2020 in May

Nominal urban fixed asset investment grew 4.0% in year-to-date terms in May (April: +4.7% yoy). The figure marked the worst reading since December 2020. The reading came on the back of weaker growth in the tertiary and primary sectors.

The investment landscape remains dominated by public investment in infrastructure and high-end manufacturing, as the government respectively looks to prop up the economy and develop greater autonomy in key technological domains. While public investment growth was close to 8.4% in the year to May, private investment contracted 0.1%, as economic uncertainty weighed on investment decisions.

On a monthly basis, nominal urban fixed asset investment rose 0.1% in seasonally adjusted terms in May, contrasting April’s 0.8% fall.

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