An aerial drone photo taken on March 14, 2024 shows a workshop of Gansu Bori Traffic Heavy Equipment Manufacturing Co., Ltd. in Lanzhou New Area of Lanzhou, northwest China's Gansu Province. (Xinhua/Ma Xiping)
BEIJING, April 16 (Xinhua) -- China's fixed-asset investment expanded at a rapid pace in the first quarter of 2024, with high-tech sectors recording strong investment growth, indicating accelerated industrial upgrading in the country.
Fixed-asset investment rose 4.5 percent year on year in the January-March period, with the pace of growth accelerating from a rise of 4.2 percent in the January-February period and 3 percent for the whole year of 2023, data from the National Bureau of Statistics (NBS) showed Tuesday.
Investment in infrastructure construction rose 6.5 percent from a year ago, and manufacturing investment increased 9.9 percent during the period, both quickening from the growth registered in the first two months.
Investment in property development, however, fell 9.5 percent year on year in the first quarter, according to the NBS.
The country's real estate market is still in a state of adjustment, with policies aimed at supporting the sector's development continuing to take effect, Sheng Laiyun, NBS deputy director, told a press conference.
Sheng said that the country's continuous urbanization process would underpin the real estate market.
Excluding the property development investment, the country's fixed-asset investment climbed 9.3 percent during the first quarter.
Investment in high-tech industries has experienced robust growth, increasing by 11.4 percent from the previous year. In particular, investment in high-tech manufacturing and services expanded by 10.8 percent and 12.7 percent, respectively.
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