China’s fixed asset investment rose 4.0% YoY in April, down slightly from 4.2% YoY in March and below expectations of a 4.2% YoY increase.

• Public investment increased 6.2% YoY while private investment edged up just 0.2% YoY.
• Industrial investment grew 11.7% YoY, with manufacturing up 8.8% YoY and utility investment surging 25.5% YoY.
• Agricultural investment jumped as well, up 13.4% YoY.
• Infrastructure investment rose 5.8% YoY, led by a 30.7% YoY jump in water conservancy and 26.9% YoY in water transportation.
• Equipment and tools investment rose 18.2% YoY, while construction and installation work increased just 1.4% YoY.
• By sector, the primary industry saw the fastest growth at 13.2% YoY; tertiary sector investment was down slightly at -0.2% YoY.
• Investment by foreign firms declined -11.4% YoY, while Hong Kong, Macao, and Taiwan firms increased investment 9.2% YoY.