Investment in Fixed Assets from January to November 2023

From January to November, the investment in fixed assets (excluding rural households) was 46,081.4 billion yuan, a year-on-year increase of 2.9 percent (calculated on a comparable basis, see Annotation 7 for details), of which the investment in manufacturing increased by 6.3 percent, a growth rate of 0.1 percentage point faster than that from January to October. On a month-on-month basis, the investment in fixed assets (excluding rural households) increased by 0.26 percent in November. From January to November, the private investment in fixed assets was 23,526.7 billion yuan, a decrease of 0.5 percent over the previous year.

From the perspective of industries, the investment in the primary industry was 964.7 billion yuan, down by 0.2 percent year on year; that in the secondary industry was 14,695.9 billion yuan, up by 9.0 percent; and that in the tertiary industry was 30,420.7 billion yuan, up by 0.3 percent.

In the secondary industry, the industrial investment increased by 9.0 percent year on year. Among them, the investment in mining industry increased by 1.3 percent, and that in the production and supply of electricity, thermal power, gas and water increased by 24.4 percent.

In the tertiary industry, the investment in infrastructure (excluding the production and supply of electricity, thermal power, gas and water) increased by 5.8 percent year on year. Among them, the investment in railway transportation increased by 21.5 percent, that in water conservancy management increased by 5.2 percent, that in highway transportation decreased by 0.2 percent, and that in public facilities management decreased by 2.5 percent.

In terms of regions, the investment in the eastern region increased by 4.5 percent year on year, that in the central region maintained the same as the same period last year, that in the western region decreased by 0.2 percent, and that in the northeastern region decreased by 2.4 percent.

In terms of types of registration, the investment in the fixed assets of domestic enterprises increased by 3.2 percent year on year, that of enterprises funded by investors from Hong Kong, Macao and Taiwan decreased by 2.1 percent, and that of enterprises funded by foreign investors decreased by 0.3 percent.

Investment in Fixed Assets from January to November in 2023

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.

State-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 in 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 (No.86 [2011] of the National Bureau of Statistics of China) 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" (No. 2 [1999] of the National Bureau of Statistics of China).

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 administrative units for market regulation, 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 funded by investors from Hong Kong, Macao and Taiwan includes joint venture, cooperative venture, sole-owned enterprises funded by Hong Kong, Macao and Taiwan, share-holding corporations Ltd. funded by Hong Kong, Macao and Taiwan, and other enterprises funded by investors from Hong Kong, Macao and Taiwan.

Enterprises funded by foreign investors includes joint venture and cooperative venture, foreign-funded enterprises, 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, West and Northeast Region

The eastern region includes Beijing, Tianjin, Hebei, Shanghai, Jiangsu, Zhejiang, Fujian, Shandong, Guangdong and Hainan; the central region includes Shanxi, Anhui, Jiangxi, Henan, Hubei and Hunan; the western region includes Inner Mongolia, Guangxi, Chongqing, Sichuan, Guizhou, Yunnan, Xizang, Shaanxi, Gansu, Qinghai, Ningxia and Xinjiang; the northeastern region includes Liaoning, Jilin and Heilongjiang.

5. Standard on Industrial Classification

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 in fixed assets (excluding rural households) since November 2022 has been revised. The revised results and the month-on-month data of November 2023 are as follows:

7. Explanation of Year-on-Year Growth Rate

The growth rate of fixed asset investment is calculated on a 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.