China's urban fixed-asset investment rose 25.6 percent year-on-year to 4.0264 trillion yuan(575.2 billion U.S. dollars) in the first five months of 2008, theNational Bureau of Statistics (NBS) said Tuesday.
The growth figure was 0.3 percentage points lower from the sameperiod of last year, and 0.1 percentage points lower from the Jan-April period this year.
The NBS reported earlier this month that inflation, as measuredby the consumer price index, was up 7.7 percent in May over the same month last year. In April, it rose 8.5 percent after a 12-year high of 8.7 percent in February.
Meanwhile, there were worries the CPI would accelerate because of rising factory-gate prices, said analysts.
The producer price index (PPI) which measures the value of finished products when they leave the factory rose 8.2 percent in May over the same month last year. The rise was 0.1 percentage points higher than April's 8.1 percent.
Investment in state-owned and state-controlled enterprises was 1.6397 trillion yuan, up 18.0 percent. Investment in the real estate sector grew 31.9 percent to 951.9 billion yuan, said the NBS.
Primary industry (farming, fishing, forestry and the like) continued to grow the fastest among industrial sectors, expanding 66.1 percent during the first five months. That compared with secondary and tertiary industries, whose investment rose 25.6 percent and 25.0 percent, respectively.
Investment by the central government expanded 18.5 percent year-on-year to 369.9 billion yuan and that by local governments was up 26.4 percent to 3.6566 trillion yuan.
The first five months saw the commencement of 84,368 projects, 9,667 more than in the same period last year. Planned investment in these new projects was 2.721 trillion yuan, down 2.5 percent.
Fixed asset investment is a main gauge of spending on new productive capacity and has been rising rapidly fuelled by ample liquidity in the country.
The government has taken a series of measures to drain liquidity as it tries to maintain a more sustainable economic growth and curb inflation.
In a latest effort to rein in credit growth, the central bank has announced it would raise the reserve requirement ratio for commercial banks by 1.0 percentage point in two stages this month to a new high of 17.5 percent.
The growth figure was 0.3 percentage points lower from the sameperiod of last year, and 0.1 percentage points lower from the Jan-April period this year.
The NBS reported earlier this month that inflation, as measuredby the consumer price index, was up 7.7 percent in May over the same month last year. In April, it rose 8.5 percent after a 12-year high of 8.7 percent in February.
Meanwhile, there were worries the CPI would accelerate because of rising factory-gate prices, said analysts.
The producer price index (PPI) which measures the value of finished products when they leave the factory rose 8.2 percent in May over the same month last year. The rise was 0.1 percentage points higher than April's 8.1 percent.
Investment in state-owned and state-controlled enterprises was 1.6397 trillion yuan, up 18.0 percent. Investment in the real estate sector grew 31.9 percent to 951.9 billion yuan, said the NBS.
Primary industry (farming, fishing, forestry and the like) continued to grow the fastest among industrial sectors, expanding 66.1 percent during the first five months. That compared with secondary and tertiary industries, whose investment rose 25.6 percent and 25.0 percent, respectively.
Investment by the central government expanded 18.5 percent year-on-year to 369.9 billion yuan and that by local governments was up 26.4 percent to 3.6566 trillion yuan.
The first five months saw the commencement of 84,368 projects, 9,667 more than in the same period last year. Planned investment in these new projects was 2.721 trillion yuan, down 2.5 percent.
Fixed asset investment is a main gauge of spending on new productive capacity and has been rising rapidly fuelled by ample liquidity in the country.
The government has taken a series of measures to drain liquidity as it tries to maintain a more sustainable economic growth and curb inflation.
In a latest effort to rein in credit growth, the central bank has announced it would raise the reserve requirement ratio for commercial banks by 1.0 percentage point in two stages this month to a new high of 17.5 percent.
