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China’s fixed-asset investment up 8.3% in first 11 months

Updated: Dec 13,2016 11:17 AM     Xinhua

BEIJING — China’s fixed-asset investment (FAI) rose 8.3 percent year on year to 53.85 trillion yuan (about $7.8 trillion) in the first 11 months of 2016, data showed on Dec 13.

The growth remained unchanged from the January-October period, the National Bureau of Statistics (NBS) said.

Fixed-asset investment includes capital spent on infrastructure, property, machinery and other physical assets.

Infrastructure investment expanded 18.9 percent in the first 11 months, while FAI in high-tech industries surged 15.9 percent during the period, according to NBS data.

FAI by state-owned enterprises climbed 20.2 percent year on year during the period. Private sector FAI, which accounts for more than 60 percent of the total FAI, grew 3.1 percent in the first 11 months, accelerating from 2.9 percent in the first 10 months.

Growth in property development investment fell slightly to 6.5 percent for the January-November period, after rapid housing price rises in major cities forced the country to impose restrictions on home purchases.

Other indicators released by the NBS included industrial production and retail sales, pointing to stabilization in the world’s second-largest economy.