Investment is slowing down and stabilizing, and the structure is continuously optimized
—— Luo Yifei, Chief Statistician of the Investment Department of the National Bureau of Statistics, interprets the investment data from January to November 2021
From January to November, all regions and departments conscientiously implemented the decisions and deployments of the Party Central Committee and the State Council, focused on the construction of major projects, actively expanded effective investment, fixed asset investment stabilized slowly, and structure continued to be optimized.
National investment in fixed assets (excluding rural households) increased by 5.2% year-on-year, down 0.9 percentage points from January to October, and the rate of decline narrowed by 0.3 percentage points. Taking January to November 2019 as the base period, the two-year average growth rate was 3.9%. The speed ratio increased by 0.1 percentage points from January to October; the month-on-month growth in November was 0.19%.
1. Investment in large projects has a significant driving effect
From January to November, the completed investment in projects with a planned total investment of 100 million yuan and above (hereinafter referred to as "large projects") increased by 7.5% year-on-year, which was 2.3 percentage points higher than the total investment.
Investment in large projects accounted for 50.4% of total investment, and contributed as much as 71.1% to the growth of total investment.
2. Manufacturing investment continues to grow at double digits
From January to November, manufacturing investment increased by 13.7% year-on-year; the two-year average growth rate was 4.3%, and the growth rate was 0.5% faster than that from January to October.
Among them, investment in equipment manufacturing increased by 16.4% year-on-year, investment in raw material manufacturing increased by 13.6%, and investment in consumer goods manufacturing increased by 12.2%.
From January to November, the investment in technological transformation of manufacturing enterprises increased by 15.3% year-on-year, 1.6 percentage points higher than the growth rate of investment in all manufacturing industries, and continued to be higher than the growth rate of investment in manufacturing this year; investment in technological transformation accounted for the proportion of investment in all manufacturing industries. 41.0%, an increase of 0.3 percentage points from January to October.
3. The two-year average growth rate of investment in high-tech industries has accelerated
From January to November, investment in high-tech industries increased by 16.6% year-on-year; the two-year average growth rate was 14.2%, and the growth rate was 0.7 percentage points higher than that from January to October.
Investment in high-tech manufacturing increased by 22.2% year-on-year; the two-year average growth rate was 17.4%, and the growth rate was 0.9 percentage points higher than that from January to October.
Among them, the investment in the aviation, spacecraft and equipment manufacturing industry increased by 30.1% year-on-year, the investment in the computer and office equipment manufacturing industry increased by 26.1%, the investment in the electronic and communication equipment manufacturing industry increased by 24.7%, and the investment in the medical equipment and instrumentation manufacturing industry increased by 24.5%. .
Investment in high-tech service industries increased by 6.4% year-on-year, and the growth rate was 0.4 percentage points faster than that from January to October; the two-year average growth rate was 8.2%, and the growth rate accelerated by 0.5 percentage points.
Among them, the investment in the e-commerce service industry increased by 47.5% year-on-year, the investment in the inspection and testing service industry increased by 14.8%, and the investment in the R&D and design service industry increased by 14.2%.
4. Investment in the social sector maintains rapid growth
From January to November, investment in the social sector increased by 10.3% year-on-year; the two-year average growth rate was 10.8%, and the growth rate was 0.1% faster than that from January to October.
Among them, the investment in health and social work increased by 21.3% year-on-year; the two-year average growth rate was 22.5%, and the growth rate was 0.1% faster than that from January to October.
Investment in education increased by 9.5% year-on-year; the two-year average growth rate was 11.7%, and the growth rate accelerated by 0.1%.
Affected by factors such as rising base numbers and the spread of the epidemic, the year-on-year growth rate of fixed asset investment across the country slowed down from January to November, and stabilized gradually, and the structure was optimized.
In the next stage, as the effects of policies such as ensuring supply and stabilizing prices, helping companies to relieve difficulties, and stabilizing investment become more apparent, fixed asset investment across the country is expected to slow down and stabilize.