Investment in Fixed Assets from January to February 2020

National Bureau of Statistics of China 2020-03-17 10:00 Print| Large| Medium| Small

From January to February, China's fixed asset investment (excluding rural households) was 3,332.3 billion yuan, down 24.5 percent year-on-year, of which the private fixed asset investment was 1,893.8 billion yuan, down 26.4 percent year-on-year. In terms of the speed of month on month, the investment in fixed assets (excluding rural households) decreased by 27.38 percent in February.



In term of different industries, the investment in the primary industry was 55.8 billion yuan, down 25.6 percent year on year; investment in the secondary industry was 915.8 billion yuan, down 28.2 percent; investment in the tertiary industry was 2,360.7 billion yuan, down 23.0 percent.


In the second industry, industrial investment dropped by 27.5 percent year on year. Among them, investment in mining industry decreased by 3.8 percent; that of manufacturing industry decreased by 31.5 percent; that of power, heat, gas and water production and supply industry decreased by 6.4 percent.


In the tertiary industry, infrastructure investment (excluding power, heat, gas and water production and supply industries) decreased by 30.3 percent year on year. Among them, investment in water conservancy management industry decreased by 28.5 percent; that of public facilities management industry decreased by 32.1 percent; that of road transport industry decreased by 28.9 percent; and that of railway transport industry decreased by 31.7 percent.


In term of different areas, the investment in the eastern region decreased by 20.2 percent year on year; that of central region decreased by 32.7 percent; that of western region decreased by 25.0 percent; and that of northeast region decreased by 18.9 percent.


In terms of types of registration, the investment of domestic enterprises decreased by 24.8 percent year on year; that of Hong Kong, Macao and Taiwan enterprises decreased by 23.4 percent; and that of foreign enterprises decreased by 16.0 percent.


Investment in Fixed Assets from January to February 2020






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 Industrial Sectors



 Agriculture, Forestry, Animal Husbandry and Fishery









Of which: Processing of Food from Agricultural Products



Manufacture of Foods



Manufacture of Textile



Manufacture of Chemical Raw Material and Chemical Products



Manufacture of Medicines



      Smelting and Pressing of Non-Ferrous Metal



Manufacture of Fabricated Metal Products



      Manufacture of General Purpose Machinery



      Manufacture of Special Purpose Machinery



      Manufacture of Automobile



      Manufacture of Railways, Shipbuilding, Aerospace and Other Transportation Equipment



Manufacture of Electrical Machinery & Equipment



Manufacture of Telecommunications Equipment, Computers and Other Electronic Equipment



 Production and Supply of Electricity ,Gas and Water



 Transport, Storage and Post



  Of which: Railway Transportation



Road Transportation



 Management of Water Conservancy, Environment and Public Facilities



  Of which: Management on Water Resource



Management on Public Facilities






 Health, Social Works



 Culture, Sports and Entertainment



Grouped by Registration Type



 Domestic Funded



 Funds from Hong Kong, Macao and Taiwan



 Foreign Investment





Note: The growth rate in this table are all nominal growth rate without deducting 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: 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 shareholders. 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 shareholders, 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 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 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 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. Standard Industrial Classification


NBS performed the industrial classification for national economic activities (GB/T 4754-2017). 


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 from January 2019 to February 2020 has been revised as follows:


The Month-on-Month Growth Rate of Investment on Fixed Assets

(Excluding Rural Households)


Growth Rate (%)
































7. Explanation of Year-on-Year Growth


According to the results of statistical law enforcement inspection and the fourth national economic census unit inventory, the fixed assets investment base in the previous year was revised, and the growth rate was calculated on comparable basis.