China's Fixed Assets Spending Up

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Last updated at: (Beijing Time) Wednesday, March 19, 2003

China's Fixed Assets Spending Up

China's fixed assets investment rose 32.8 percent in the first two months of this year, according to the National Bureau of Statistics.

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China's fixed assets investment rose 32.8 percent in the first two months of this year, according to the National Bureau of Statistics.

The bureau said in a statement that total fixed assets investment, a key gauge of domestic demand, amounted to 193.6 billion yuan (11.3 billion US dollars) in January and February, the China Daily reported on Wednesday.

Of that, 93.9 billion yuan (11.3 billion US dollars) was spent on infrastructure projects, a year-on-year increase of 27.7 percent.

Spending on renovation and upgrades rose a year-on-year 41.8 percent to 32 billion yuan (3.9 billion US dollars), while that onreal estate development rose a year-on-year 37 percent to 59.8 billion yuan (7.2 billion US dollars).

Economist Zhou Jingtong said the country's fixed assets investment, would not remain at 32.8 percent growth throughout theyear, but would grow at a higher rate.

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