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China’s fixed-asset investment grew by 3.8% year over year to 24.31 trillion yuan in the first half of the year, according to data released by the National Bureau of Statistics on Monday, compared to expected 3.5% and slowing from the 4% growth in the first five months of the year.
In breakdown, investment in infrastructure increased by 7.2% in the first half from the same period a year earlier, slowing by 0.3 percentage point from the previous month, likely due to the slowdown in local government bond issuance, showed the data.
Investment in the manufacturing sector grew by 6%, in line with the growth in the first five months of the year, likely dampened by the weakening of exports and low profit, showed the data.
Real estate investment slid by 7.9%, expanding by 0.7 percentage points from the drop in the first five months, according to the data. In June alone, real estate investment fell 20.6% on year, narrowing by 0.9 percentage point from May and marking the second straight month with a decline of more than 20%, showed calculations based on NBS data.
Dragged by sliding real estate investment and manufacturing investment, the private sector’s investment fell by 0.2% year over year in the first half, expanding from the 0.1% drop in the first five months and sharply lower than the 3.8% growth for the overall fixed-asset investment.
