China: Investment growth inches up in January–February
Urban fixed asset investment expanded 6.1% year-to-date in the first two months of the year, slightly above the 5.9% increase in 2018 and the highest reading since May 2018. Moreover, the figure was in line with market expectations.
The result reflected a robust expansion in the tertiary sector, while dynamics in the primary and secondary sectors softened in the same period. Property investment growth accelerated markedly at the outset of the year, indicating that policy stimulus has started to kick in.
In terms of ownership, investment growth in fixed assets of state-owned enterprises accelerated, while that of private companies lost steam.
On a month-on-month basis, investment in urban fixed assets rose a seasonally-adjusted 0.45% in February, which was marginally lower than the 0.43% expansion in January.