BEIJING, July 15 (Xinhua) -- China's fixed-asset investment continued stable growth in the first half of 2024, with high-tech sectors witnessing a robust capital influx, data from the National Bureau of Statistics (NBS) showed Monday.
Total investment rose 3.9 percent year on year to 24.54 trillion yuan (about 3.44 trillion U.S. dollars) during the period, the NBS said in a statement.
Investment in infrastructure construction went up 5.4 percent from a year ago during the January-June period, while manufacturing investment increased 9.5 percent. In particular, investment in high-tech industries posted a stellar increase of 10.6 percent in the period.
Excluding the property sector, which was still under adjustment, the country's fixed-asset investment climbed 8.5 percent compared with a year earlier in H1. Meanwhile, investment in property development fell 10.1 percent.
An NBS spokesperson attributed the stable investment expansion primarily to the vibrant demand unleashed by China's new round of large-scale equipment upgrades and trade-in of consumer goods.
Driven by the equipment renewal program, investment in purchasing equipment, tools and instruments in H1 jumped 17.3 percent year on year, contributing 2.1 percentage points to total fixed-asset investment growth.
The spokesperson highlighted the role of investment in improving the country's industrial structure as more capital flowed into burgeoning high-tech sectors.
Data showed investment in high-tech manufacturing and high-tech services gained 10.1 percent and 11.7 percent from a year ago in H1. In particular, the aerospace equipment manufacturing industry saw a 38.3 percent surge in investment, and investment in the e-commerce service sector increased 24.1 percent.
China will continue to boost effective investment by promoting major projects, industrial upgrades and equipment renewals, as well as stimulating private capital, according to the NBS.
More investment is needed to improve weak areas of the economy and boost new industries. Investment growth will also be quickened by the country's intensified moves to implement major national strategies and build up security capacity in key areas.
China has used the issuance of ultra-long special treasury bonds and local government special bonds to ensure sufficient funds for expanding investment. An additional 1 trillion yuan of treasury bonds were issued during the fourth quarter last year, under which 15,000 projects have started construction. ■
