Fixed Asset Investment Growth Slows in March, Industrial Production Slumps

Fixed asset investment slowed, but the downward trend is less steep than in real estate investment. Growth was 13.1% yoy in March versus 13.5% ytd.

Private fixed asset investment looks worse: it slowed to 12.9% yoy in March versus 13.6% ytd. This is the worst single month in recent history, aside from the September 2014 blip.

Industrial production was terrible, down to 5.6% growth.

Notable sectors: cement down 20.5% (top chart) and electricity down 3.7%. Hydropower was up 25%

Steel production was up 3.6%; autos up 3.5%; medical manufacturing up 11.4%

NBS: 2015年1-3月份全国固定资产投资(不含农户)增长13.5%
NBS: 2015年1-3月份民间固定资产投资增长13.6%
NBS: 2015年3月份规模以上工业增加值增长5.6%

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