Investment in Fixed Assets from January to March 2024

From January to March, the investment in fixed assets (excluding rural households) nationwide was 10,004.2 billion yuan, up by 4.5 percent year on year (calculated on comparable basis, see Annotation 7 for details), with a growth rate of 0.3 percentage point faster than that from January to February. Among them, the investment in manufacturing increased by 9.9 percent, with a growth rate up by 0.5 percentage point; that in infrastructure (excluding the production and supply of electricity, heat power, gas and water) increased by 6.5 percent, with a growth rate up by 0.2 percentage point. On a month-on-month basis, the investment in fixed assets (excluding rural households) increased by 0.14 percent in March. From January to March, the non-governmental investment in fixed assets was 5,159.7 billion yuan, up by 0.5 percent year on year.

From the perspective of industries, the investment in the primary industry was 180.4 billion yuan, up by 1.0 percent year on year; that in the secondary industry was 3,321.3 billion yuan, up by 13.4 percent; and that in the tertiary industry was 6,502.5 billion yuan, up by 0.8 percent.

In the secondary industry, the industrial investment increased by 13.4 percent year on year, of which the investment in mining industry increased by 18.5 percent, and that in production and supply of electricity, heat power, gas and water increased by 29.1 percent.

In the tertiary industry, the investment in railway transport increased by 17.6 percent year on year, that in air transport increased by 35.4 percent, and that in management of water conservancy increased by 13.9 percent.

In terms of regions, the investment in the eastern region increased by 5.7 percent year on year, that in the central region increased by 4.1 percent, that in the western region increased by 1.4 percent, and that in the northeastern region increased by 9.6 percent.

In terms of status of registration, the investment in the fixed assets of domestic invested enterprises increased by 4.4 percent year on year, that of enterprises with investment from Hong Kong, Macao, and Taiwan increased by 7.1 percent, and that of foreign invested enterprises decreased by 10.4 percent.

Investment in Fixed Assets (Excluding Rural Households) from January to March in 2024

Annotations:

1. Explanatory Notes

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 (capital stock) 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.

Status of Registration: the classification of the status of enterprise registration is based on the status of enterprise registration by the administrative department for market regulation, in accordance with the Provisions on the Statistical Classification of Market Entities (No.14 [2023] of the National Bureau of Statistics of China) issued jointly by the National Bureau of Statistics of China and the State Administration for Market Regulation of China.

2. Statistical Coverage

Covering 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 Eastern, Central, Western and Northeastern Regions

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

The National Industrial Classification of All Economic Activities (GB/T4754-2017) was performed.

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 March 2023 has been revised. The revised results and the month-on-month data of March 2024 are as follows:

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 been 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.