China's fixed-asset investment grew slower in the first five months, but the investment structure has improved as economic rebalancing measures have taken some effect, official data showed on Monday.
China's fixed-asset investment grew 9.6 percent in the first five months, 0.9 percentage points lower than that recorded in the first four months of 2016, according to data released by the National Bureau of Statistics (NBS). It marked slower growth in money used to purchase and build factories, machines, property and other fixed facilities.
To break this down; fixed-asset investment in agriculture was up 20.6 percent in the January-May period, followed by 11.9 percent for the service sector and 5.8 percent for industry.
NBS spokesperson Sheng Laiyun said the investment structure was improved with more money spent on the high-tech and service sectors, while less money flew into industries with high energy consumption or excessive capacity. While investment is critical to the Chinese economy, an improved investment structure is more pressing, he added.
China's economy fared at a stable rate in May amid headwinds from home and abroad. According to Monday's release, industrial production operated steadily and retail sales accelerated slightly.
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