BEIJING – Official data show that China’s fixed asset investment (FAI) continues to grow due to strong high-tech investment in the first quarter of 2019.

According to the National Bureau of Statistics (NBS), fixed asset investment in the first quarter increased by 6.3% year-on-year, an increase of 0.2 percentage points from the first two months of 2019, and an increase of 0.4 percentage points over the full year of 2018.

China's fixed-asset investment

Compared with the same period last year, the growth rate dropped by 1.2 percentage points.

In March, fixed asset investment rose by 0.45% from the previous month.

According to the National Bureau of Statistics, fixed asset investment in the first quarter reached 10.187 trillion yuan ($1.5 trillion).

The National Bureau of Statistics said in a statement that “investment has steadily rebounded, and investment in the high-tech industry has grown relatively fast.”

In the first quarter, investment in high-tech manufacturing and services increased by 11.4% and 19.3%, respectively.

According to the National Bureau of Statistics, private investment accounts for about 60% of total fixed asset investment, up 6.4% year-on-year, and also exceeds overall growth.

Investment in the primary and secondary industries increased by 3% and 4.2%, respectively, while investment in the tertiary industry increased by 7.5%.

Wednesday’s data also showed a steady expansion of the overall economy, as the country’s first quarter GDP grew by 6.4% year-on-year, comparable to the fourth quarter of 2018, and within the government’s annual target of 6-6.5%.