China’s fixed asset investment showed steady growth in the first four months of the year, according to data from the State Bureau of Statistics (NBS) released on Monday.
Investment in fixed assets rose 6.8 percent year on year to 15.35 trillion yuan (about 2.26 trillion U.S. dollars) in the first four months, the NBS said in a statement.
Growth slowed from the 9.3% increase recorded in the first quarter. In April, investments in fixed assets decreased by 0.82% compared to the previous month.
From January to April, private sector fixed asset investment rose 5.3 percent year on year to 8.69 trillion yuan.
Despite the resurgence of COVID-19 infections, China’s investment in infrastructure construction rose 6.5 percent year on year in the first four months of this year.
Investments in sectors like high-tech manufacturing and high-tech services saw significant growth, up 25.9% and 13.2% during the period.
The medical care and education sectors also recorded investments up 24.9% and 12.5% over the period.
Investments have traditionally been a key driver for growth. Amid the COVID-19 outbreak and growing downward pressure on the economy, China has been emphasizing the role of efficient investment to support growth.