China: Stable growth in fixed asset investments in the first 5 months of 2023

Investments in China’s fixed assets recorded stable growth during the first five months of 2023, which augurs well for promising prospects in the high-tech manufacturing and service sectors.

The National Statistical Authority reported that the country’s fixed assets investments amounted to 88.81 trillion yuan (approximately US $2.64 trillion) over the last January-May period, an increase of 4% year-on-year.

Data reported by China’s state news agency Xinhua on Friday revealed that Chinese investments in fixed assets rose only in May by 0.11% from the previous April.

During the period from January to May, investments in infrastructure construction saw a strong increase of 7.5% year-on-year, while the momentum in manufacturing investment continued to expand, up 6%.

Investments in China’s high-tech industry maintained a strong expansion in the same period amid the country’s efforts to promote industrial transformation and modernization. Data released last Thursday showed investments in the high-tech industry rose by 12.8% year-on-year.
In detail, investments in high-tech manufacturing rose 12.8% year-on-year, with investments in medical equipment and hardware manufacturing jumping 18.8%, and investments in electronic equipment and telecommunications rising 16.1%.