China's property investment up 7.5% in first 11 months

BEIJING — Growth in China's fixed-asset investment (FAI) continued to ease in the first 11 months of the year, data showed Thursday.

The FAI rose 7.2 percent year-on-year for January-November, slightly down from 7.3 percent during the first 10 months, according to the National Bureau of Statistics (NBS).

This marked growth deceleration for eight consecutive months. The pace was down from 8.3 percent during the same period of 2016.

NBS spokesperson Mao Shengyong said though FAI growth has eased further, its structure continues to optimize, with investment in sectors such as technological innovation and projects to improve people's livelihood maintaining fast expansion.

China still has scope for expanding investment, as many areas, including infrastructure, public facilities, innovation and technological progress, require huge investment, he said.

On a monthly basis, the FAI edged up 0.53 percent in November from the previous month.

Infrastructure investment, which accounts for more than 20 percent of total FAI, surged 20.1 percent year-on-year for January-November, with the pace of growth accelerating from 19.6 percent for January-October.

For the first 11 months, high-tech manufacturing saw investment up by 15.9 percent, compared with 14.5 percent during the same period of 2016.

Private sector FAI grew 5.7 percent in the first 11 months, accounting for 60.5 percent of the total. The pace of growth cooled from 5.8 percent for January-October.

Investment in property development also expanded at a slower pace of 7.5 percent during the period, down from 7.8 percent in the first 10 months.