China's fixed-asset investment up 24.5%

China’s fixed-asset investment up 24.5%

China's National Bureau of Statistics disclosed that the country's urban fixed-asset investment rose 24.5% year-on-year to Yuan 422.2 billion (around $51 billion) during the first two months of 2005. For comparison, China experienced a growth rate of 53% in fixed-asset investment during the same period last year. Non-ferrous metal extraction and processing investment rose 9.9% to Yuan 3.4 billion. However, investment in ferrous metal extraction and processing fell 9% to Yuan 16 billion. Non-metal mineral extraction and processing tumbled 7.7% to Yuan 5.9 billion. Local government-funded investments increased 26% to Yuan 376.5 billion, while central government-funded investment rose 13.9% to Yuan 45.7 billion. Domestic-funded companies invested Yuan 353 billion, up 25.6% year-on-year. Investments by foreign-funded companies jumped 24.5% to Yuan 35.8 billion, while investments by companies in Hong Kong, Macau and Taiwan rose 15.4% to Yuan 28.9 billion.