Fixed asset investment growth at 5-year highs in May

Mense Urban Fixed Assets investment again shows strong growth momentum. The National Bureau of Statistics reported yesterday that investment in urban fixed assets from January to May was 5.352 trillion yuan, an increase of 32.9% per cent, up from 2.4% from January to April. Among them, the May urban fixed assets investment amounted to 1.64 trillion yuan, the single month year-on-year growth nearly 39%.　　The 32.9% increase was the highest growth in urban fixed asset investment in 5 years, after 34.8% from January 2004 to May. "This growth rate is very high, and if the price effect is excluded, the growth rate of urban fixed asset investment may exceed 37% from January to May, indicating that high investment is supporting China's economic recovery."　　"said Li, director of finance at Tsinghua University's School of Economics and Management.　　State-owned and state-controlled investment in real estate investment is still the main growth power of fixed assets investment.　　According to statistics published by the National Bureau of Statistics, January to May state-owned and state-owned holdings completed investment of 2.3055 trillion yuan, growth 40.6%, real estate development completed investment 1.0165 trillion yuan, growth of 6.8%. "The positive growth in real estate investment has partly indicated that the endogenous growth momentum is recovering." "Guotai Securities macroeconomic analyst Wang said," the economy to really recover, one need to pull outside, the second to the real start of social investment. "From the industry's perspective, the 4 trillion-dollar stimulus scheme has clearly increased the investment in the railway transport industry, and its growth is significantly higher than in other sectors." From January to May, the railway transport industry invested 133.8 billion yuan, an increase of 110.9%.　　Faster investment growth industry also includes coal mining and washing industry, non-metallic mining tinea products Industry and non-ferrous Metal mining tinea smelting and calendering processing industry. Looking from the enterprise type, "internal heat" still.　　From January to May, the investment of domestic enterprises increased by 36.8%, the growth rate was increased by 2.2% from January to April, and the investment growth of Hong Kong, Macao and Foreign invested enterprises was 0.3% and 1.9% respectively, which was significantly lower than that of domestic enterprises. In addition to investment, construction project plan investment and New start Project plan investment growth rate is also high.　　From January to May, the total investment of construction projects was 27.5837 trillion yuan, an increase of 33.8%, and the total investment of the new project plan 5.33 trillion yuan, up 95.9%.　　The short-term momentum is still from the project affiliation, the Central project investment of 473.4 billion yuan, an increase of 28%, local project investment 4.8786 trillion yuan, growth of 33.4%. "At the beginning of the year, local governments launched a number of investment plans, roughly 18 trillion yuan in size." From the progress of the project, many local projects are difficult to implement because of the shortage of supporting funds.　　The tiger told the CBN. To solve the problem of local funds, May 27 The State Council decided to adjust the capital ratio of fixed assets investment projects. Among them, railways, highways, urban rail transit and other transport projects, the minimum capital ratio from 35% to 25%, real estate development projects (excluding affordable housing and general merchandise housing projects) Minimum capital ratio from 35% to 30%。 "Lower capital ratios equals higher capital use leverage, which will boost overall investment in the second half of the year," he said.　　"The Tiger said. For the second half of the overall investment, Oriental securities macroeconomic researcher Feng Yuming that, as construction projects and new projects continue to increase the growth rate, the impact on the overall investment in real estate investment began to rebound, so the strong investment momentum will remain for some time, in the short term there is still the possibility of continuing higher,　　Annual investment growth will remain high. Kao the economic growth has been highly dependent on investment contributions since the reform and opening-up.　　According to an analysis of Haitong Securities, from 1978 to 1990, the contribution rate of investment to economic growth averaged 30.3%, 1990 to 2000 to 36.1%, and 2001 to 2007 contributed to an accelerated increase, averaging 48.36%.　　Especially since the recent global financial crisis, the export growth is weak and the consumption is under pressure, investment is "alone" economic growth.　　Hu told CBN, external need weak, if want to "8", the annual investment growth should at least remain in 25%~30%. "This high investment growth is ' a joy and a worry '. The happy short-term economic recovery growth momentum is sufficient, the economic rebound situation undeniable, but such high investment rate behind the investment quality is worth worrying. "Li told CBN," at present, through various policies and measures to ensure the quality of investment, but also to seek ways to promote social private investment. "Wang agrees with the view that economic growth driven by massive government investment is unsustainable because of a certain proportion of government debt." Therefore, the need to promote private investment to form the new driving force of the economy.