China's urban fixed assets investment up in first seven months
15/8/2008 16:40
China's urban fixed assets investment totaled 7.216 trillion yuan (US$1.05
trillion) in the first seven months, up 27.3 percent from the same period last
year, the National Bureau of Statistics (NBS) said today.
The figure
represented a slight acceleration, of 0.5 percentage points over the first half
figures and of 0.7 percentage points over the figures for the same period in
2007.
Investment in the booming real estate sector grew 30.9 percent to 1.58
trillion yuan, according to the NBS. The growth rate was 2.6 percentage points
lower than that of the first half.
Wang Tongsan, a researcher with the
Chinese Academy of Social Sciences, said that with the overall stable growth of
fixed assets investment, the country could actively respond to uncertainties and
risks in the economy and maintain a stable and relatively high economic growth
rate.
According to the NBS, the growth rate in the primary sector (farming,
fishing, forestry) was the fastest among the three major sectors in the first
seven months, up 61.9 percent, compared with the secondary sector at27.9 percent
and the tertiary sector at 26 percent.
"The 61.9 percent surge in investment
in primary industry was a good sign as the government moved to shore up
agricultural development and the foundation of the national economy," Wang
said.
Statistics from the NBS showed investment in projects authorized by the
central government rose by 25.3 percent in the first seven months over the same
period of 2007. In local government-approved projects, investment expanded by
27.5 percent.
Xinhua
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