Investment in Fixed Assets from January to April 2023

National Bureau of Statistics of China 2023-05-17 10:00 Print| Large| Medium| Small

From January to April, the national fixed assets investment (excluding rural households) was 14,748.2 billion yuan, a year-on-year increase of 4.7 percent (calculated on comparable basis, see Annotation 7 for details). Among them, private fixed assets investment was 7,957 billion yuan, a year-on-year increase of 0.4 percent. From a month-on-month comparison, fixed asset investment (excluding rural households) decreased by 0.64 percent in April.



From the perspective of industries, the investment in the primary industry was 319.9 billion yuan, a year-on-year increase of 0.3 percent; the investment in the secondary industry was 4,567.5 billion yuan, up 8.4 percent; and the investment in the tertiary industry was 9,860.9 billion yuan, up 3.1 percent.


In the secondary industry, industrial investment increased by 8.3 percent year-on-year. Among them, investment in mining industry decreased by 2.2 percent, investment in manufacturing industry increased by 6.4 percent, and investment in production and supply of electricity, heat power, gas and water increased by 24.4 percent.


In the tertiary industry, investment in infrastructure (excluding the production and supply of electricity, heat power, gas and water) increased by 8.5 percent year-on-year. Among them, the investment in railway transportation increased by 14.0 percent, the investment in water conservancy management increased by 10.7 percent, the investment in highway transportation increased by 5.8 percent, and the investment in public facilities management increased by 4.7 percent.


In terms of regions, the investment in the eastern region increased by 6.2 percent, the investment in the central region decreased by 1.3 percent, the investment in the western region increased by 3.2 percent, and the investment in the northeast region increased by 9.8 percent.


According to the types of registration, the fixed asset investment of domestic enterprises increased by 4.9 percent, that of enterprises funded by investors from Hong Kong, Macao and Taiwan decreased by 4.3 percent, and that of enterprises funded by foreign investors increased by 5.3 percent.


Investment in Fixed Assets from January to April in 2023




Increase rate Y/Y (%)

Investment in Fixed Assets (Exclude Rural Households) (100 million yuan)


Of which: State-owned and state holding


Of which: Private investment


Grouped by constitution


Construction and installation


Purchase of equipment and Instruments


Other expenses


Grouped by types of industry


Primary industry


Secondary industry


Tertiary industry


Grouped by sectors


Agriculture, forestry, animal husbandry and fishery






Of which: Processing of food from agricultural and sideline products


Manufacture of foods


Textile industry


Manufacture of raw chemical materials and chemical products


Manufacture of medicine


Smelting and pressing of non-ferrous metal


Manufacture of metal products


Manufacture of general-purpose machinery


Manufacture of special-purpose machinery


Manufacture of automobiles


Manufacture of railways, shipbuilding, aerospace and other transportation equipment


Manufacture of electrical machinery and apparatus


Manufacture of computers, communication equipment and other electronic equipment


     Production and supply of electricity, heat power, gas and water


     Transport, storage and post


Of which: Railway transportation


Highway transportation


     Management of water conservancy, environment and public facilities


Of which: Management of water conservancy


Management of public facilities




Health and social service


Culture, sports and entertainment


Grouped by types of registration


Of which: Domestic enterprises


Enterprises funded by investors from Hong Kong, Macao and Taiwan


Enterprises funded by foreign investors


Note: The speed in this table is not deducted from the price factor.




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.


Stat-holding Enterprises: in the total paid in capital of the enterprise, the paid in capital (capital stock) owned by the investors of the state-owned economic component accounts for more than 50 percent of the total paid in capital (capital stock) of the enterprise.


In the total paid in capital of an enterprise, although the proportion of paid in capital (share capital) owned by the investors with state-owned economic components is not more than 50 percent, the proportion of state-owned relative holding shares is relatively greater than that of investors with other economic components; or the proportion of state-owned contractual holding shares is not greater than that of investors with other economic components but has the actual control right of the enterprise according to the agreement.


The enterprises which the proportion of investment capital of the two investors is 50 percent, and the shareholding 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 basis for classifying the types of enterprise registration is the type of enterprise registration by the administrative department for Industry and commerce. The notice on adjustment of provisions on the classification of enterprise registration type (Guo Tong Zi [2011] No. 86) issued jointly by the National Bureau of Statistics and the State Administration for Industry and Commerce shall be followed. The classification of registration types of individual business is carried out according to the relevant provisions of the National Bureau of Statistics and the notice of the National Bureau of Statistics on Classification and Code of Registration Types of "Individual Business" (Guo Tong Ban Zi [1999] No. 2).


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, joint venture, 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 enterprises funded by investors from 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 enterprises funded by foreign investors.


2. Statistical Coverage


Refers to construction projects on fixed assets and real estate 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. Northeastern region: including Liaoning, Jilin and Heilongjiang.


5. Industrial Classification Standard


NBS performed the industrial classification for national economic activities (GB/T4754-2017).


6. 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 since April 2022 has been revised. The revised results and the month-on-month data of April 2023 are as follows:



Growth Rate (%)




























7. Explanation of Year-on-Year Growth Rate


The growth rate of fixed asset investment is calculated on comparable basis.  There are non-comparable factors between data during the reporting period and data of the same period of the previous year that have announced, so it is incorrect to directly calculate the growth rate by dividing the data of two different years. The main reasons are: (1) in order to strengthen management for the investment projects in the inventory, the projects that do not meet the provisions of the investment statistics system were out of the scope of the survey. (2) In order to strengthen statistical law enforcement, the error data found in inspections have been revised in accordance with the relevant provisions.  (3) In order to strengthen the data quality management, the duplicate statistics across regions and industries have been eliminated.