Investment in Fixed Assets from January to March 2020
From January to March, China's fixed asset investment (excluding rural households) was 8,414.5 billion yuan, down 16.1 percent year on year, 8.4 percentage points lower than that from January to February. Among them, private fixed asset investment reached 4,780.4 billion yuan, down 18.8 percent and the pace of decline narrowed 7.6 percent. In terms of the month-on-month, fixed asset investment (excluding rural households) increased by 6.05 percent in March.
In term of different industries, the investment in the primary industry was 164.3 billion yuan, down 13.8 percent year-on-year, 11.8 percentage points lower from January to February; the investment in the secondary industry was 2,525.3 billion yuan, down 21.9 percent, with the decrease of 6.3 percentage points; the investment in the tertiary industry was 5,724.9 billion yuan, down 13.5 percent, and the pace of decline narrowed 9.5 percentage points.
In the secondary industry, industrial investment fell by 21.1 percent year on year, 6.4 percentage points lower than that in January and February. Among them, the investment in mining industry decreased by 3.2 percent and 0.6 percentage points lower; the investment in manufacturing industry decreased by 25.2 percent and 6.3 percentage points lower; the investment in power, heat, gas and water production and supply industry increased by 2.0 percent, while which fell by 6.4 percent in the first two months.
In the tertiary industry, infrastructure investment (excluding power, heat, gas and water production and supply industries) decreased by 19.7 percent year on year, 10.6 percentage points lower than that in January and February. Among them, investment in water conservancy management industry decreased by 13.6 percent, with a decrease rate of 14.9 percentage points; investment in public facilities management industry decreased by 20.5 percent, with a decrease rate of 11.6 percentage points; investment in road transportation industry decreased by 17.5 percent, with a decrease rate of 11.4 percentage points; investment in railway transportation industry decreased by 28.6 percent, with a decrease rate of 3.1 percentage points.
By region, investment in the eastern region decreased by 12.3 percent year-on-year, 7.9 percentage points lower than that in January and February; investment in the central region decreased by 27.8 percent, 4.9 percentage points lower; investment in the western region decreased by 10.8 percent, 14.2 percentage points lower; investment in the northeast region decreased by 14.2 percent, 4.7 percentage points lower.
According to the types of registration, the investment of domestic enterprises decreased by 16.3 percent year-on-year, 8.5 percentage points lower than that of January and February; the investment of Hong Kong, Macao and Taiwan enterprises decreased by 13.0 percent, 10.4 percentage points lower; the investment of foreign enterprises decreased by 9.0 percent, with a decrease rate of 7.0 percentage points.
| Investment in Fixed Assets from January to March 2020
|
| |
| Indicators | Jan-Mar |
|
| Increase rate Y/Y (%) |
| |
|
| ||
| Investment in Fixed Assets (Exclude Rural Households) (100 million yuan) | -16.1 |
|
| Of which: State-owned and State Holding | -12.8 |
|
| Of which: Private Investment | -18.8 |
|
| Grouped by Constitution |
|
|
| Construction and Installation | -17.6 |
|
| Purchase of Equipment and Instruments | -27.2 |
|
| Other Expenses | -1.4 |
|
| Grouped by Types of Industry |
|
|
| Primary Industry | -13.8 |
|
| Secondary Industry | -21.9 |
|
| Tertiary Industry | -13.5 |
|
| Grouped by Industrial Sectors |
|
|
| Agriculture, Forestry, Animal Husbandry and Fishery | -12.1 |
|
| Mining | -3.2 |
|
| Manufacturing | -25.2 |
|
| Of which: Processing of Food from Agricultural Products | -32.8 |
|
| Manufacture of Foods | -29.1 |
|
| Manufacture of Textile | -37.1 |
|
| Manufacture of Chemical Raw Material and Chemical Products | -30.8 |
|
| Manufacture of Medicines | -11.9 |
|
| Smelting and Pressing of Non-Ferrous Metal | -11.6 |
|
| Manufacture of Fabricated Metal Products | -31.3 |
|
| Manufacture of General Purpose Machinery | -32.1 |
|
| Manufacture of Special Purpose Machinery | -27.1 |
|
| Manufacture of Automobile | -27.2 |
|
| Manufacture of Railways, Shipbuilding, Aerospace and Other Transportation Equipment | -31.6 |
|
| Manufacture of Electrical Machinery & Equipment | -27.8 |
|
| Manufacture of Telecommunications Equipment, Computers and Other Electronic Equipment | -10.2 |
|
| Production and Supply of Electricity ,Gas and Water | 2.0 |
|
| Transport, Storage and Post | -20.7 |
|
| Of which: Railway Transportation | -28.6 |
|
| Road Transportation | -17.5 |
|
| Management of Water Conservancy, Environment and Public Facilities | -18.5 |
|
| Of which: Management on Water Resource | -13.6 |
|
| Management on Public Facilities | -20.5 |
|
| Education | -4.0 |
|
| Health, Social Works | -1.3 |
|
| Culture, Sports and Entertainment | -19.7 |
|
| Grouped by Registration Type |
|
|
| Domestic Funded | -16.3 |
|
| Funds from Hong Kong, Macao and Taiwan | -13.0 |
|
| Foreign Investment | -9.0 |
|
|
| ||
| Note: The growth rate in this table are all nominal growth rate without deducting the price factor. |
|
|
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.
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 March 2019 to April 2020 has been revised as follows:
| The Month-on-Month Growth Rate of Investment on Fixed Assets (Excluding Rural Households) | |
| Growth Rate (%) | |
| 2019- March | 0.44 |
| April | 0.42 |
| May | 0.41 |
| June | 0.43 |
| July | 0.40 |
| August | 0.42 |
| September | 0.45 |
| October | 0.42 |
| November | 0.42 |
| December | 0.44 |
| 2020-January | -2.15 |
| February | -22.13 |
| March | 6.05 |
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.