Fixed assets investment grew by 5.7% in the first seven months

On August 14, the National Bureau of Statistics issued a report on the operation of the national economy in July. Liu Aihua, a spokesman for the Bureau, said that the national economy continued to operate in a reasonable range in July and maintained an overall stable, steady and progressive development trend. The data shows that from January to July, the national fixed assets investment (excluding farmers) was 348.892 billion yuan, an increase of 5.7% over the same period last year. Among them, private investment amounted to 21026.7 billion yuan, an increase of 5.4%. In terms of sub-industries, the investment in the primary industry dropped by 1.2%, the investment in the secondary industry increased by 3.4%, of which the investment in manufacturing industry increased by 3.3% and accelerated slightly in March. The investment in the tertiary industry increased by 7.0%, of which the investment in infrastructure increased by 3.8%. In response, Liu Aihua said that investment in manufacturing and high-tech industries grew steadily, and investment in high-tech industries grew rapidly. Investment in high-tech manufacturing and high-tech services increased by 11.1% and 11.9% year-on-year, respectively, faster than total investment by 5.4 and 6.2 percentage points, respectively.

"This year's capital investment is expected to maintain a medium-speed growth, and investment in manufacturing and real estate projects is expected to maintain a steady growth." Ye Qing, deputy director of Hubei Statistical Bureau, told the Huaxia Times that at present, China's investment has shown a steady trend. Investment in middle and high-end manufacturing and modern service industries has become the main driving force, and the growth of infrastructure investment has improved.

At the recent meeting of the Political Bureau of the Central Committee, it was proposed to stabilize the investment in manufacturing industry, implement the project of making up the shortcomings of old urban residential areas, urban parking lots, urban and rural cold-chain logistics facilities, and accelerate the construction of new infrastructure such as information networks. The data shows that although China's fixed asset investment increased by 5.8% in the first half of this year compared with the same period last year, from the perspective of investment structure, the growth rate of manufacturing industry investment is only 3%, which is slightly lower than that of last year's 9.5%. Manufacturing investment picked up in July. From January to July, the growth rate of manufacturing investment was 0.3 percentage points faster than that from January to June, a slight acceleration for three consecutive months. From the growth level of investment in various industries, real estate investment is still the main support for the investment in the tertiary industry and fixed assets.

"Stable investment is related to economic growth and the completion of economic indicators this year." Feng Jianlin, chief economist of Fushengde, an independent government consultancy, told China Times in an interview that one of the key measures to expand domestic demand is to stabilize investment growth, especially effective investment. From Feng Jianlin's point of view, at present, stable and effective investment, especially in manufacturing industry, should be maintained. He believes that manufacturing investment is one of the main lines of stable investment. To support the real economy is to support manufacturing investment and let private investment play a greater role, which is the policy focus of stable and effective investment. In addition, we will increase investment in new infrastructure and short board areas, gradually shifting from the traditional "iron public base" model to the "new infrastructure" model represented by 5G, artificial intelligence, industrial internet, and so on, so as to improve economic quality. In the view of NDRC, to improve the business environment through the reform of "releasing control clothing" is an important guarantee for stable and effective investment. At a recent press conference, the head of the National Development and Reform Commission (NDRC) told the Chinese Times that although China's economic operation is generally stable and progressive, the uncertainty and instability of the external environment have increased, and the downward pressure of the economy is still great. Under such circumstances, how to play a key role in investment? The relevant responsible persons of the above-mentioned Development and Reform Commission believe that the key is to closely adhere to the national development strategy, based on the requirements of promoting high-quality development, focusing on the short-board areas and people's expectations, and using the limited funds on the "blade".

"In the first quarter of this year, the economy was weak and stable, and slowed down again in the second quarter, showing a trend of sustained slowdown. However, the growth rate of investment is steadily stabilizing. With the implementation of the policy of stabilizing infrastructure and supporting manufacturing industry, the investment in infrastructure will increase steadily in the third quarter, and the growth rate of investment in manufacturing industry will be stable." Feng Jianlin said that with the promotion of the "Six Stabilities" policy and the lowering of the base in the same period last year, GDP growth is expected to stabilize in the second half of the year. At present, the National Development and Reform Commission (NDRC) is steadily investing from both sides of financing and investment, speeding up the examination and approval of investment projects at the investment demand side, and speeding up the issuance of corporate bonds at the financing supply side.

"In the first half of the year, 112 corporate bonds were approved, totaling 364.72 billion yuan, an increase of 131% over the same period last year." Wu Yaping, director of the Investment System and Policy Research Department of the Investment Research Institute of the National Development and Reform Commission, said that increasing financing supply is an important way to stabilize investment. On the investment demand side, the NDRC is exploring the future investment growth space and concentrating its efforts in high-end manufacturing and new infrastructure areas. In the face of many challenges brought about by trade frictions, the Development and Reform Commission has prepared corresponding plans. According to Ning Jizhao, deputy director of the National Development and Reform Commission, we are currently in an orderly manner to promote various responses, constantly enrich policy reserves, and accelerate the implementation of a number of new policies and measures around the "six stability". In this regard, Ye Qing told our correspondent that stabilizing foreign investment and investment are important grasps of steady growth. In stabilizing foreign investment, the NDRC has taken measures to create a more open and friendly environment for foreign investment. Before the end of June, the 2019 version of the negative list of foreign investment access was issued, with only subtraction and no addition. Subsequently, the 2019 edition of the Catalogue of Industries Encouraging Foreign Investment was issued, especially in the central and Western regions.