Wang Baobin, Senior Statistician at the Investment Department of the National Bureau of Statistics, Interprets Investment Data from January to November 2018

      1-11In January, fixed assets investment (excluding farmers) was completed nationwide 609267 Billion yuan, year-on-year growth5.9%Speed increase ratio1-10Month increase0.2A percentage point, showing a rebound trend for three consecutive months. Among them, the growth rate of infrastructure investment has stabilized, while manufacturing and private investment have maintained rapid growth.

　　1、 Steady growth in investment in weak areas such as infrastructure

　　Recently, the General Office of the State Council issued the "Guiding Opinions on Maintaining Efforts to Address Shortcomings in the Infrastructure Sector", proposing to strengthen the reserve of major projects, accelerate the preliminary work and construction of projects, ensure the smooth implementation of ongoing projects, and increase financial support for ongoing projects and major projects to address deficiencies10The policy measures will focus on nine major areas including poverty alleviation, railways, highways and water transportation, airports, water conservancy, energy, agriculture and rural areas, ecological environment protection, and social livelihood. At the same time, it emphasizes the importance of doing our best and acting within our capabilities, resolutely avoiding blind investment and redundant construction, controlling the financial gates for financing new projects, and firmly guarding the bottom line of preventing systemic risks. With the implementation of these policy measures, investment in areas with weak links has shown steady growth overall.

　　The growth rate of infrastructure investment has stabilized.1-11In the month, infrastructure investment increased year-on-year3.7%Growth rate and1-10月份持平。其中，铁路运输业投资下降4.5%，降幅收窄2.5个百分点；生态保护和环境治理业投资增长42%，增速提高5.3个百分点；公共设施管理业投资增长1.4%，增速提高0.1One percentage point.

　　社会领域投资增速提高。1-11月份，社会领域投资增长12.6%Speed increase ratio1-10Month increase0.6个百分点。其中，教育投资增长7.7%，卫生投资增长10.2%，文化、体育和娱乐投资增长22.2%。

　　第一产业投资较快增长。1-11月份，第一产业投资增长12.2%，增速高于全部投资6.3个百分点。其中，农业投资增长12.5%，林业投资增长9.2%，畜牧业投资增长11.6%，渔业投资增长19.7%。

　　二、制造业投资增速持续加快

　　今年以来国家出台多项减税降费措施，如下调增值税率、提高出口退税率等，各地也相继出台多项降成本措施。这些举措有效降低了企业负担，带动了制造业投资的较快增长。1-11月份，全国制造业投资同比增长9.5%Speed increase ratio1-10Month increase0.4个百分点，比去年同期高5.4个百分点，高于全部投资3.6个百分点。中高端制造业加快布局，高技术制造业和装备制造业投资成为拉动制造业投资增长的重要力量。1-11月份，高技术制造业投资增长16.1%Growth rate and1-10月份持平，高于全部制造业投资6.6个百分点；装备制造业投资增长11.6%Speed increase ratio1-10Month increase0.5One percentage point.

　　三、民间投资继续保持较快增长

　　随着中央关于鼓励、支持和引导非公有制经济发展，支持民营企业相关政策的出台，各地区紧抓政策落实，陆续出台支持本地区民营经济发展的措施，有效提振了民营企业投资信心。1-11月份，民间投资增长8.7%，增速高于去年同期3个百分点，高于全部投资2.8个百分点，今年以来一直保持8%以上的较高增速。其中，制造业民间投资增长10.3%Speed increase ratio1-10Month increase0.6One percentage point.

　　四、中、西部地区投资增速有所提高

1-11月份，东部地区投资同比增长5.8%Growth rate and1-10月份持平；中部地区投资增长10%，增速提高0.1个百分点；西部地区投资增长3.9%，增速提高0.7个百分点；东北地区投资增长0.7%，增速回落0.2One percentage point.

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