Investment in Fixed Assets for the First Three Months of 2015

In the first three months of 2015, the investment in fixed assets (excluding rural households) reached 7,751.1 billion yuan, up by 13.5 percent year-on-year in nominal terms (the real growth rate was 14.5 percent, after deducting price factors), dropped 0.4 percentage points over that in the first two months. In March, the investment in fixed assets (excluding rural households) increased 1.04 percent, month-on-month.

In term of different industries, from January to March, the investment in primary industry was 155.3 billion yuan, went up by 32.8 percent year-on-year, a decreased of 3.5 percentage points over the first two months; that of secondary industry was 3,136.1 billion yuan, went up by 11.0 percent, a decrease of 0.5 percentage points; that of tertiary industry was 4,459.7 billion yuan, went up by 14.7 percent, a decrease of 0.1 percentage point.

In secondary industry, the investment in industry reached 3,088.9 billion yuan, increased 10.7 percent year-on-year, a decrease of 0.5 percentage points over the first two months. Of which, the investment in mining industry stood at 143.8 billion yuan, went down by 4.1 percent, and the pace of decline expanded 1.5 percentage points; that of manufacture, 2,603.8 billion yuan, increased 10.4 percent, 0.2 percentage points lower; that of production and supply of electric power, heat power, gas and water, 341.3 billion yuan, increased 21.4 percent, a decrease of 1.2 percentage points.

In tertiary industry, the investment in infrastructure (excluding electricity) was 1,285.9 billion yuan, increased 23.1 percent year-on-year, up by 2.5 percentage points over the first two months. Of which, the investment in management of water conservancy increased 15.8 percent, up by 0.2 percentage points; that of management of public facilities increased 23.5 percent, up by 3.6 percentage points; that of transport via road increased 23.8 percent, down by 1.7 percentage points; that of transport via railway increased 14.9 percent, up by 0.4 percentage points.

In term of different areas, from January to March, the investment in eastern region amounted to 3,956.9 billion yuan, rose by 12.2 percent year-on-year, 0.8 percentage points lower over that in the first two months; that of central region, 1,974.7 billion yuan, surged 15.9 percent, down by 0.6 percentage points; that of western region, 1,754.4 billion yuan, increased 12.6 percent, decreased 1.1 percentage points.

In term of types of registration, from January to March, the investment by domestic enterprises was 7,307.7 billion yuan, up by 13.8 percent year-on-year, dropped by 0.6 percentage points over the first two months; investment by funds from Hong Kong, Macao and Taiwan was 215.7 billion yuan, up by 14.0 percent, decreased 2.9 percentage points; and the investment by foreign funds was 202.7 billion yuan, up by 2.6 percent, while that in the first two months was down by 2.0 percent.

In terms of jurisdiction of project management, from January to March, the central investment reached 337.1 billion yuan, increased 12.8 percent year-on-year, 6.8 percentage points higher over the first two months; the local investment was 7,414.1 billion yuan, up by 13.5 percent, a decrease of 0.8 percentage points.

Analysis on projects under construction or started this year showed that, from January to March, the total planned investment in projects under construction reached 55,834.2 billion yuan, up by 7.0 percent year-on-year, an increase of 2.5 percentage points over the first two months. The total planned investment in newly started projects was 5,837.2 billion yuan, up by 6.1 percent year-on-year, while that in the first two months was down by 1.8 percent.

In terms of paid-in funds, from January to March, 10,267.2 billion yuan had been invested, rose by 6.8 percent year-on-year, an increase of 0.1 percentage point over the first two months. Of this total, the growth of government budgetary funds went up by 11.0 percent, decreased 3.0 percentage points, investment from domestic loans went down by 3.7 percent, while that in the first two months was up by 0.2 percent, that from self-raising funds went up by 11.3 percent, up by 0.3 percentage points, that from foreign investment decreased 33.5 percent, and the pace of decline increased 8.4 percentage points, other investment dropped by 1.2 percent, and the pace of decline went down by 1.0 percentage point.

Annotations:

1. Explanatory Notes on Indicators

Investment in fixed assets (excluding rural households): refers to the total workload on construction and purchase for fixed assets during a certain period in the form of currency, as well as the concerning expenses.

Paid-in fund: refers to all funds received by investment units used for fixed assets during the reference period, including state budgetary fund, domestic loans, foreign investment, self-raised funds, and others.

Newly started project: refers to all newly started construction projects during the reference period.

Stat-holding Enterprises: including absolutely state-holding enterprises, relatively state-holding enterprises and consultatively state-holding enterprises. Absolutely state-holding enterprises refer to those enterprises that the proportion of state investment capital to the total actual capital (or capital stock) is larger than 50 percent.

Relatively state-holding enterprises refer to those enterprises that the proportion of state investment capital to the total actual capital (or capital stock) is less than 50 percent, but larger than any other single share holders. Consultatively state-holding enterprises refer to those enterprises that the proportion of state investment capital to the total actual capital (or capital stock) is less than other share holders, but owning the real control power regulated by agreement.

The enterprises which the proportion of investment capital of the two investors is 50 percent, and the share holding control power is not clearly stated by either side, if one of them is state-owned, are all classified as the state-holding enterprises without exception.

The investment projects invested by the administrative and institutional units are all classified as state-holding.

Types of Registration: the types of registration on the enterprises are based on the Provisions for the Classification of Types of Enterprise Registration jointly issued by NBS and State Administration of Industry and Commerce. And that on the individual operation is based on Note on the Code & Classification of Types of Individual Operation Registration.

According to the provision of statistical reporting system, all grassroots units shall fill in registration types. The registration types shall be filled in by the enterprises or individual operation units engaged in investment in fixed assets. Those who have already registered in the industrial and commercial administrative units, shall fill in based on the registration types, if unregistered, shall be filled in based on the registration types of investors or that on the provisions of related papers.

Domestic enterprise includes state-owned enterprise, collective enterprise, joint enterprise, limited liability enterprise, share-holding enterprise, private enterprise and others.

Enterprises with funds from Hong Kong, Macao and Taiwan includes joint-venture and cooperation by Hong Kong, Macao and Taiwan, Hong Kong, Macao and Taiwan Sole Investment, Hong Kong, Macao and Taiwan Funded Share-holding Corporations Ltd., and other investment enterprises by Hong Kong, Macao and Taiwan.

Foreign investment enterprise includes joint-venture and cooperation enterprises, foreign funded enterprise, foreign funded share-holding corporations Ltd., and other foreign investment enterprises.

2. Statistical Coverage

Refers to construction projects on fixed assets and real estates involving a total planned investment of 5 million yuan and over.

3. Data Collection

The report of investment on fixed assets is collected monthly with complete enumeration (no report in January).

4. Classification on East, Central and West Region

Eastern region: including Beijing, Tianjin, Hebei, Shanghai, Jiangsu, Zhejiang, Fujian, Shandong, Guangdong and Hainan. Central region: including Shanxi, Anhui, Jiangxi, Henan, Hubei and Hunan. Western region: including Inner Mongolia, Guangxi, Chongqing, Sichuan, Guizhou, Yunnan, Tibet, Shaanxi, Gansu, Qinghai, Ningxia and Xinjiang.

5. Standard Industrial Classification

Since 2012, NBS performed the new standard on industrial classification for national economic activities (GB/T 4754-2011), please refer to  http://www.stats.gov.cn/tjsj/tjbz/hyflbz. 

6. Explanatory Notes on Growth Rate

The growth rate of investment in fixed assets are calculated in nominal except that in Jan.- Mar., Jan.-Jun., Jan-Sep. and Jan.-Dec. in case of the price indices of investment in fixed assets are calculated on quarterly.

7. Revision on Month-on-Month Data

According to the auto-revision function of the seasonal adjustment model, the month-on-month growth rate of investment on fixed assets from March 2014 to March 2015 has been revised as follows: