Facebook Blogging

Edward Hugh has a lively and enjoyable Facebook community where he publishes frequent breaking news economics links and short updates. If you would like to receive these updates on a regular basis and join the debate please invite Edward as a friend by clicking the Facebook link at the top of the right sidebar.

Thursday, May 15, 2008

China Fixed Asset Investment April 2008

China's factory and property spending climbed 25.7 percent in the four months up to April. Fixed-asset investment in urban areas rose to 2.8 trillion yuan ($400 billion), the statistics bureau said today.

China ordered banks this week to set aside a record proportion of their reserves to cool the world's fourth-biggest economy after inflation surged last month to almost a 12-year high. Spending by newly appointed local government officials and reconstruction work after the 7.9-magnitude quake may boost investment growth this year.

Property investment rose 32 percent, accounting for a quarter of total spending, and investment in coal mining surged 47 percent.

What is now the world's fourth-largest economy grew 10.6 percent in the first quarter, a slower pace than the 11.2 percent growth in the previous three months, after exports cooled.

Inflation, on the other hand was up at 8.5 percent in April.

Producer prices rose 8.1 percent last month from a year earlier, the fastest pace in more than three years.

No comments: