Investment Growth Only 3.4% in 2024! Service Sector Down 0.9%

According to data released by the National Bureau of Statistics on November 15, 2024, the investment in fixed assets (excluding rural households) in the period from January to October this year reached 42,322.2 billion yuan, an increase of 3.4 percent over the same period last year. During this period, investment in the manufacturing of chemical raw materials and chemical products increased by 11.2% year-on-year.

In terms of industry classification, the investment in the primary industry was 788.2 billion yuan, up 2.5% year on year; The investment in the secondary industry was 14,5633 billion yuan, with a growth rate of 12.2%; The investment in the tertiary industry was 26,9707 billion yuan, down 0.9 percent from the same period last year.

In the secondary sector, industrial investment increased by 12.3% year on year. Specifically, investment in mining increased by 13.2 per cent, manufacturing by 9.3 per cent and electricity, heat, gas and water production and supply by 24.1 per cent.

In the tertiary sector, infrastructure investment (excluding electricity, heat, gas and water production and supply) increased by 4.3 per cent year-on-year. Among them, the investment in water management industry increased by 37.9%, the investment in air transport industry increased by 19.2%, and the investment in railway transport industry increased by 14.5%.

In terms of regional distribution, investment in the eastern region increased by 1.8% year on year, investment in the central region increased by 4.6%, investment in the western region increased by 1.1%, and investment in the Northeast region increased by 3.2%.

By type of registration, investment by domestic enterprises rose 3.2 per cent year on year, investment by Hong Kong, Macao and Taiwan enterprises increased 8.2 per cent, while investment by foreign enterprises fell 20.6 per cent.