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Fixed-asset investment grows 26.5% y-o-y in Jan-Feb

By Zhang Ran (chinadaily.com.cn)
Updated: 2009-03-11 11:42

Fixed-asset investment grew 26.5 percent year-on-year in the first two months of 2009, picking up from a pace of 26.1 percent in 2008. The National Bureau of Statistics (NBS) released the figures on Wednesday.

Related readings:  China aims for 20% growth in fixed asset investment in 09  Fixed assets may prop up economy  Fixed assets investment slows in Jan-Nov

Fixed-asset investment in urban areas rose to 1.03 trillion yuan ($150 billion) from a year earlier.

Fixed-asset investment is the most important driver of China's economic growth and account for 42 percent of GDP.

"Increased infrastructure investment from China's fiscal stimulus package should partially offset decreased investment by export manufacturers and property developers," Jing Ulrich, managing director and chairman of JP Morgan China Equities told China Daily.

Since China's 4-trillion yuan fiscal stimulus package was announced last November, two major allocations have been made: 100 billion yuan in the fourth quarter of last year and 130 billion yuan so far in the first quarter of 2009. In line with the plan when originally announced, much of the funds have been targeted toward infrastructure related investments.