Recently, the National Development and Reform Commission of China reported that the effects of various policies aimed at expanding effective investment are gradually becoming evident since the beginning of 2024. In the first three quarters, the country has continued to see growth in fixed asset investment, characterized by both scale expansion and structural optimization.
In terms of overall figures, total investment reached 37.9 trillion yuan in the first three quarters, representing a year-on-year increase of 3.4%, consistent with the performance observed from January to August. Notably, infrastructure investment, manufacturing investment, and private investment all showed a rebound in growth compared to the previous month.
From a structural standpoint, the ongoing transformation and upgrading of industries are yielding new growth drivers. Manufacturing investment has sustained rapid growth at 9.2%, up by 0.1 percentage points compared to the period from January to August and exceeding the overall investment growth by 5.8 percentage points.
Breaking down the manufacturing sector, investment in consumer goods manufacturing surged by 14.9%, while investment in equipment manufacturing and raw materials manufacturing rose by 9.4% and 8.8%, respectively. Additionally, technological upgrades in the manufacturing sector saw investment growth of 9.5%.
The acceleration of significant projects has been facilitated by ongoing efforts in major construction initiatives, central budget investments, special local government bonds, and the issuance of additional government bonds in 2023. As a result, the role of major project investments as a stabilizing force has become more pronounced.
In the first three quarters, the investment in projects with planned total investments of 100 million yuan or more saw a year-on-year increase of 7.1%, contributing to an overall investment growth of 3.9 percentage points.
Investment in high-tech industries and advanced manufacturing has also been robust, with high-tech industry investments increasing by 10% year-on-year, marking seven consecutive months of double-digit growth. Sectors such as aerospace and electronic communications have experienced rapid investment growth, indicating a continuous development and enhancement of new growth drivers and competitive advantages.
