China's Fixed Asset Investment Sees Rapid Growth

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Last updated at: (Beijing Time) Tuesday, October 22, 2002

China's Fixed Asset Investment Sees Rapid Growth

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China's fixed asset investment reached 2,583.8 billion yuan (312.43 billion US dollars) during the period from January to September 2002, registering an increase of 21.8 percent year-on-year, according to statistics from the National Bureau of Statistics (NBS).

The figures show the growth was 0.3 percentage points higher than that of the first half of 2002 and six percentage points higher than that of the same period of 2001.

Investment in large-scale projects was the main driving force of the rapid growth, NBS said.

According to NBS figures, total investment in projects with an investment of more than 5 million yuan hit 1,217.2 billion yuan (147.18 billion US dollars).

Capital investment amounted to 1,042.1 billion yuan (126 billion US dollars) in the first three quarters of 2002, increasing 24.6 percent year-on-year. The growth was 0.7 percentage points higher than in the January-August 2002 period and 12.9 percentage points higher than that of the same period one year ago, NBS statistics show.

The growth rate of completed investment in innovation and real estate development slowed down slightly, according to the NBS.

During the January-September period, investment in infrastructure construction reached 509.4 billion yuan (61.6 billion US dollars), up 28.6 percent year-on-year.

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