The structure of nationwide fixed-asset investment continues to undergo overall adjustments and optimization.
— Wang Baobin, Senior Statistician of the Investment Division of the National Bureau of Statistics, provides interpretation. 2016 Year 1-5 Monthly Investment Data

The investment data released today by the National Bureau of Statistics shows that... 1-5 The country completed fixed-asset investment for the month. 18.8 Trillion yuan, an increase compared to the same period last year. 1.6 Trillion yuan, year-on-year growth 9.6% Among them, investment in the tertiary sector and infrastructure investment grew respectively. 11.9% 、20% Although the pace of investment growth has slowed, the structure of investment continues to improve. Wang Baobin, a senior statistician with the Investment Division of the National Bureau of Statistics, provided an interpretation on this issue.

I. The investment structure continues to be adjusted and optimized.

(1) The growth rate of investment in industrial technological transformation is relatively high. 1-5 In the month, investment in industrial technological upgrading increased. 14.9% , the growth rate is higher than that of total industrial investment. 9.5 percentage points; among them, investment in technological upgrades in the manufacturing sector grew. 15.2% , higher than the growth rate of total manufacturing investment. 10.6 percentage point.

(2) Investment in high-tech industries grew relatively rapidly. 1-5 In the month, investment in high-tech industries grew. 13.6% , higher than the overall investment growth rate 4 percentage points. Among them, investment in high-tech manufacturing grew... 13.1% , higher than the growth rate of total manufacturing investment. 8.5 Percentage points; investment growth in high-tech service industries 14.7% , higher than the growth rate of total service-sector investment. 2.8 percentage point.

(3) Rapid growth in investment in science, education, culture, and health. 1-5 Investment in science, education, culture, and health grew month-on-month. 17.3% , the growth rate is higher than that of total investment. 7.7 percentage points. Among them, investment in education grew... 23.2% Growth in investment in health and social work 25.8% , with growth rates both higher than 20%。

(4) Investment in high-energy-consuming manufacturing declined. 1-5 In the month, investment in high-energy-consuming manufacturing declined. 1.5% Since the beginning of the year, the trend has been one of continuous decline. Among the five major high-energy-consuming manufacturing industries, investments have declined in three: specifically, investments in petroleum processing, coke production, and nuclear fuel processing have all decreased. 4.6% Investment in the manufacturing of chemical raw materials and chemical products declined. 4.2% Investment in the non-metallic mineral products industry declined. 0.5% 。

II. The supporting role of infrastructure investments in public facilities management, information, transportation, and other areas has been strengthened.

As policies and measures to stabilize growth continue to be implemented, the growth rate of infrastructure investment is accelerating, thereby strengthening its supporting role for overall investment growth. 1-5 Month, infrastructure investment 34992 100 million yuan, growth 20% , growth rate compared to 1-4 Month increase 1 percentage points, higher than the overall investment growth rate. 10.4 percentage points; its contribution rate to the overall investment growth is 35.5% , than 1-4 Month increase 4.9 percentage points. In the infrastructure sector, investment in public facilities management has grown. 29.4% , growth rate compared to 1-4 Month increase 1.1 Percentage points; investment growth in the information transmission industry 29% , improve 5.5 Percentage points; investment growth in the transportation, postal, and telecommunications industries 9.1% , improve 0.7 percentage points, with investment in the railway transportation industry growing. 12.2% , improve 8.3 percentage points. It’s also worth noting that investments in the electricity, heat, gas, and water production and supply industries—which are not included in infrastructure investment— 9299 100 million yuan, growth 21.6% 。

III. The slowdown in investment growth is primarily driven by a decline in industrial and private investment.

The growth rate of industrial investment has noticeably slowed down. 1-5 Month, industrial investment 73394 100 million yuan, growth 5.4% , growth rate compared to 1-4 Monthly decline 1.5 percentage points, primarily due to the continued prominence of overcapacity, insufficient market demand, and a decline in enterprises’ willingness to invest. By ownership structure, state-controlled investment... 64733 100 million yuan, growth 23.3% ; Private investment 116384 100 million yuan, growth 3.9% , fall back 1.3 percentage points. Since industrial investment and private investment each account for more than... 40%、60% Its significantly slowed growth rate is the primary reason for the overall slowdown in investment growth.

IV. The total planned investment in newly started projects continues to grow rapidly.

1-5 In the month, the total planned investment for newly started projects increased. 32.2% , although the growth rate is lower than 1-4 Monthly decline 5.8 percentage points, yet it continues to maintain the rapid growth momentum seen since the beginning of the year, providing positive support for investment growth in the next phase.