China Investment July 2022

China

China: Nominal fixed investment records slowest expansion since December 2021 in July

August 15, 2022

Nominal urban fixed asset investment expanded 5.7% in year-to-date terms in July (June: +6.1% yoy). The result marked the worst reading since December 2021. July's weakening was due to slowdowns in the primary, secondary and tertiary sectors. Of the three, secondary-sector investment recorded by far the fastest growth due to the government’s bid to boost spending on infrastructure and high-end manufacturing. Moreover, public investment continued to do the heavy lifting, with private investment rising a mere 2.7% year to date amid Covid-19 restrictions and regulatory uncertainty.

On a monthly basis, nominal urban fixed asset investment increased 0.2% in seasonally-adjusted terms in July, which was below June’s 0.9% expansion.

Our panelists see nominal fixed investment rising 5.6% in 2022, up 0.5 percentage points from last month’s forecast, and 5.4% in 2023.


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China Investment July 2022

Note: Month-on-month changes of seasonally adjusted urban fixed-asset investment index and annual growth rate (year-to-date) in %.
Source: National Bureau of Statistics of China (NBS).


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