Investment growth seen to pick up
Print Edition
CHINA’S investment growth should pick up in the coming months as authorities hasten construction of water conservancy and other infrastructure projects to support growth, a senior official at the country’s powerful economic planner said yesterday.
Quickening investment in projects such as refurbishing shanty towns and building rail networks and water facilities should boost the broader economy, said Li Pumin, general secretary of the National Development and Reform Commission.
Li said he was confident China can achieve its full-year economic growth target of around 7.5 percent, though many private economists think that goal is in doubt unless the government rolls out more measures to stimulate activity and offset the drag from a cooling property market.
“Economic growth will remain within a reasonable range in the fourth quarter, and we are confident of achieving the full-year economic growth target,” Li told a news conference.
Fixed-asset investment, a crucial driver of the world’s second-biggest economy that contributed to half of last year’s growth, has sagged this year as a cooling manufacturing sector and the weak housing market curbed spending.
Analysts expect China’s investment growth to hit a nearly 13-year low of 16.3 percent between January and September. The latest investment data will be released along with September industrial output and retail sales readings and third-quarter gross domestic product next Tuesday.
“We expect the pace of slowdown in investment to ease in coming months, as policy gradually produces results,” Li said.
China will launch 172 key water conservancy projects in the coming years, officials at the briefing said.
They said work on some projects worth around 600 billion yuan (US$98 billion) was already under way, but did not give a total investment figure for all 172 projects.
Most new projects were still in the preparatory stage, officials said.
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