China's investment in fixed assets rocketed 24.1 percent year-on-year in the first ten months of the year, according to official figures.
Figures released by the National Bureau of Statistics (NBS) Monday showed fixed asset investment totaled 2,286.9 billion yuan (US$276.5 billion) for the period from January to October.
Investment in infrastructure construction totaled 1,204.1 billion yuan for the period, an increase of 24.1 percent over the same period last year. Meanwhile, investment in technical renovations and upgrading rose 16.7 percent to 429.4 billion yuan, and that in real estate development grew 29.8 percent to 558.8 billion yuan.
According to the NBS, the growth rate of fixed asset investment for the month of October was 23 percent, 1.7 percentage points slower than in September. However, the growth rate was still much higher than in the same month of last year.
(Xinhua News Agency November 19, 2002)
