China fixed-asset investment up 7.8% in first eight months

BEIJING - China's fixed-asset investment (FAI) remained basically stable in the first eight months of the year thanks to robust investment in infrastructure.

In January-August, FAI grew 7.8 percent year on year to 39.42 trillion yuan ($6 trillion), the National Bureau of Statistics (NBS) said Thursday.

The pace was slower than the 8.3 percent increase in the first seven months and failed to meet market estimates of 8.2 percent.

"Despite the mild retreat, the investment structure continued to improve," NBS spokesperson Liu Aihua said at a press conference, citing more capital pumped into high-tech industries, infrastructure and weak economic areas.

Infrastructure investment, which accounts for more than 20 percent of total FAI, jumped 19.8 percent, driven by investment in public facility management and road transport. High-tech manufacturing saw investment up by 19.5 percent.

The NBS calculation does not include investment made by farmers. It includes projects with planned investment of more than 5 million yuan and all property development.