China investment rises 29.6% from 2002
AP, Bloomberg
Thursday, December 18, 2003
Chinese investment in real estate, factories and other fixed assets jumped 29.6 percent in the first 11 months of 2003 against a year earlier, the government said Wednesday, slightly lower than the October figure but stronger than expected.
The rise came amid official warnings that businesses are investing too much in steel making and other fields, raising the risks of an industrial glut. But spending on fixed assets from January to November still totaled 3.5 trillion yuan, or $419.1 billion, the National Bureau of Statistics said.
That was lower than the 30.02 percent rise in fixed-asset investment in the first 10 months of the year. The year-on-year increase for just November was 25.3 percent, though, higher than the average forecast of a 23 percent rise.
China's planners are always seeking ways to lift consumer demand. As part of that strategy, the government will raise pay for its civil servants next year, honoring a long-delayed promise, the state-run China Daily reported Wednesday. (AP)
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