China's fixed-asset investment expands with rapid growth in high-tech sector

BEIJING, Oct. 18 (Xinhua) -- China's fixed-asset investment rose 3.4 percent year on year in the first three quarters of this year, data from the National Bureau of Statistics (NBS) showed Friday.

"The growth rate, unchanged from the rate logged in the January-August period, marks the first time in multiple months that the slowdown in fixed-asset investment was halted," Sheng Laiyun, deputy head of the NBS, told a press conference.

The investment totaled 37.8978 trillion yuan (about 5.3 trillion U.S. dollars) during the period, the NBS said in a statement.

Investment in infrastructure construction rose 4.1 percent from a year ago during the January-September period, and manufacturing investment increased 9.2 percent.

Excluding the property sector, the country's fixed-asset investment climbed 7.7 percent in the first three quarters. Investment in property development fell 10.1 percent.

With the property sector excluded, private investment grew 6.4 percent from January to September, the official data showed.

Investment in high-tech industries posted robust growth, up 10 percent. In breakdown, investment in high-tech manufacturing and high-tech services gained 9.4 percent and 11.4 percent.

Investment in high-tech industries contributed 27.1 percent to the growth of the total fixed-asset investment, indicating that spending on innovation was constantly increasing, Sheng told reporters.