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China fixed asset investment rises 17.3% yoy
May 13, 2014, 7:54 am

 Meanwhile, positive trade data released last week said that Chinese exports in April grew for the first time in two months [AP]

Meanwhile, positive trade data released last week said that Chinese exports in April grew for the first time in two months [AP]

China’s urban fixed asset investment surged 17.3 per cent year on year to 10.71 trillion yuan ($1.74 trillion) in the first four months of 2014, the National Bureau of Statistics said Tuesday.

The growth rate was 0.3 percentage points slower than that for the first quarter. Industrial output increased by 8.7 per cent year-on-year in April, the NBS said, edging down from 8.8 per cent a month earlier.

Chinese President Xi Jinping said on Monday the nation needs to adapt to a “new normal” in the pace of economic growth and remain “cool-minded” amid a slowdown. China’s growth fundamentals haven’t changed and the country is still in a “significant period of strategic opportunity,” Xi said in Beijing.

Meanwhile, positive trade data released last week said that Chinese exports in April grew for the first time in two months.

Exports in April rose by a modest 0.9 per cent from a year earlier.

Gross domestic product (GDP) grew 7.4 per cent year-on-year in the first three months of 2014.

China’s new leadership has repeatedly stressed on the need to boost domestic consumption to wean China away from export-and-investment-led economic growth.

 

Source: Agencies

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