China Investment May 2022


China: Nominal fixed investment slows year-to-date through May, but picks up in monthly terms

June 15, 2022

Nominal urban fixed asset investment grew 6.2% in year-to-date terms in May (April: +6.8% yoy). May's dip was driven by slowdowns in the secondary and tertiary sectors. Secondary-sector investment continued to record by far the fastest growth of the three main economic sectors, likely aided by the government’s push to develop high-end manufacturing. Meanwhile, government investment once more significantly outpaced private investment, with private investment intentions subdued by Covid-19 and regulatory uncertainty.

On a monthly basis, nominal urban fixed asset investment grew 0.7% in seasonally-adjusted terms in May, rebounding from April’s 0.8% fall and marking the best result since November 2021.

Our panelists see nominal fixed investment rising 5.2% in 2022, up 0.4 percentage points from last month’s forecast, and 5.3% in 2023.


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China Investment Chart

China Investment May 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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