2015-10-18

China's Slowdown Intensifies: Fixed Asset Investment Growth Slumps 30%

One month does not a trend make, but China's fixed asset investment has been undergoing a stair step decline. It was high teens about 18 months ago, slowing to low teens at the start of this year, down to around 10% since April. In September, growth fell to 6.8% year-on-year.
Private fixed asset investment tumbled to a similarly low figure of 6.7% growth.
If you look at the year-on-year YTD figures, growth seems to only be down in the mining/resource sector. A breakdown of September's yoy growth shows the West was in contraction: private fixed asset investment fell 0.4%. The east grew 4.1%, the central 16.1%.


Sept 2015 Sept 2014 Change
Private Fixed Asset Investment 35331 33121 6.67%
REGION


  Eastern Region 16182 15552 4.05%
  Central Region 11596 9983 16.16%
  Western Region 7553 7585 -0.42%
Sub-industries


  primary industry 1315 1025 28.29%
  Secondary industry 17613 16694 5.50%
  Tertiary Industry 16403 15402 6.50%
SECTOR


  Agriculture, forestry, animal husbandry and fishery 1512 1163 30.01%
  Mining industry 724 987 -26.65%
   Of which: coal mining and washing 225 363 -38.02%
     Oil and gas industry 41 24 70.83%
     Ferrous metal mining industry 123 213 -42.25%
      Non-ferrous metal mining industry 124 159 -22.01%
      Nonmetal mining industry 184 175 5.14%
  Manufacturing 15637 14762 5.93%
   Of which: non-metallic mineral products industry 1556 1569 -0.83%
      Ferrous metal smelting and rolling processing industry 349 434 -19.59%
      Non-ferrous metal smelting and rolling processing industry 441 510 -13.53%
      General equipment manufacturing 1217 1110 9.64%
      Special equipment manufacturing 1123 1040 7.98%
Automotive Manufacturing 865 787 9.91%
Railways, shipping, aerospace and other transportation equipment manufacturing 195 201 -2.99%
      Electrical machinery and equipment manufacturing 974 924 5.41%
      Computer, communications and other electronic equipment manufacturing 605 528 14.58%
  Electricity, heat, gas and water production and supply industry 1082 882 22.68%
   Of which: electricity, heat production and supply industry 798 619 28.92%
  Building industry 212 135 57.04%
  Transportation, storage and postal services 1238 1071 15.59%
   Where: railway transportation 30 37 -18.92%
      Road transport 437 334 30.84%
  Water Conservancy, Environment and Public Facilities Management 1546 1163 32.93%
   Where: Water Conservancy 109 67 62.69%
      Public facilities management industry 1346 1023 31.57%
  Education 205 172 19.19%
  Health and social work 221 136 62.50%
  Culture, Sports and Entertainment 358 390 -8.21%
  Public administration, social security and social organizations 248 201 23.38%

Source: NBS

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