China's fixed-asset investment up 26.1 percent

China’s fixed-asset investment up 26.1 percent

China's National Bureau of Statistics disclosed that the country's fixed-asset investment, a major driver of the country's economic growth, rose 26.1 percent year on year to RMB 5.71 trillion ($705.6 billion) in the first nine months of the year. Fixed-asset investment by state-owned and state-controlled enterprises rose 12.3 percent to RMB 2.46 trillion ($304 billion). Investment in projects controlled by the central government rose 14 percent to RMB 518 billion ($64 billion), while investment by local governments increased 29.6 percent to RMB 4.36 trillion ($538 billion). Investment in non-ferrous metal processing rose 32.2 percent to RMB 60.9 billion ($7.5 billion), while investment in ferrous metal processing increased 28.1 percent to RMB 173.3 billion ($21.4 billion).