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China's fixed-asset investment growth picks up in August

CHINA'S fixed-asset investment posted a much faster increase in August, offering relief to an economy beset by lingering downward pressure, official data showed Tuesday.

Fixed-asset investment grew 8.2 percent year on year in August, up by 4.3 percentage points from the previous month, according to the National Bureau of Statistics (NBS).

Investment in the private sector, which had concerned policymakers for its lackluster growth, expanded 2.3 percent from a year ago in August, reversing a 1.2-percent decline in July, the data showed.

"Investment is on a more steady path," NBS spokesperson Sheng Laiyun said at a press briefing. In the first eight months, fixed-asset investment rose 8.1 percent year on year, unchanged from the January-July period.

Fixed-asset investment includes capital spent on infrastructure, property, machinery and other physical assets.

The figures were among a string of data released by the NBS, including statistics on retail sales and industrial production, which both reported faster growth in August.

"Generally speaking, the improvement in major indicators last month showed positive changes to the economy, with progress achieved in structural adjustment and growing new economic impetus," Sheng said.

Investment growth by state-owned enterprises slowed slightly to 21.4 percent in the first eight months. Infrastructure investment quickened to 19.7 percent during the period, from 19.6 percent in the first seven months.


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