China's fixed-asset investment, a pivotal growth driver, grew at a faster-than-anticipated clip in the first quarter amid a big bet on manufacturing and high-tech sectors, thus getting the economy off to a solid start this year, analysts said on Tuesday.
2024年4月16日，分析人士表示，在侧重发展制造业和高科技行业的情况下，作为经济增长关键驱动力的中国固定资产投资在第一季度以高于预期的速度增长，从而使中国经济在2024年有了一个坚实的开端。
The real estate sector, however, is still a major drag on China's economy as business and consumer confidence remain weak, they added, calling for more robust government support to help address falling sales and rising default risks facing property developers.
不过，分析人士补充称，由于企业和消费者信心依然疲软，房地产行业仍是拖累中国经济的主要因素。他们呼吁政府提供更有力的支持，以帮助解决房地产开发商面临的销售下滑和违约风险上升的问题。
Fixed-asset investment, as shown by data released by the National Bureau of Statistics on Tuesday, grew 4.5 percent year-on-year in the first three months to over 10 trillion yuan ($1.38 trillion), above analysts' expectations, which had projected an increase ranging between 4.2 percent and 4.3 percent.
国家统计局4月16日发布的数据显示，2024年第一季度，固定资产投资同比增长4.5%，超过10万亿元(1.38万亿美元)，高于分析人士预期，他们此前预计的增长幅度在4.2%至4.3%之间。
The accelerated growth rate in the first quarter was primarily supported by increased investments in infrastructure and manufacturing, which climbed by 6.5 percent and 9.9 percent year-on-year, respectively, said Wang Qing, chief macroeconomic analyst at Golden Credit Rating International.
金信国际首席宏观经济分析师王庆表示，第一季度的加速增长主要得益于基础设施和制造业投资的增加，这两项投资分别同比增长6.5%和9.9%。
As the weather warms up and projects resume after holidays, construction progress across various localities picked up pace, leading to a boost in infrastructure investment, Wang said, adding that the issuance of 1 trillion yuan in special treasury bonds at the end of last year has provided ample funds for various local infrastructure projects.
王庆表示，基于天气转暖和假期后项目恢复，各地的建设进度加快，传导至基础设施投资激增；同时，去年年底发行的1万亿元特别国债为各种地方基础设施项目提供了充足的资金。
Meanwhile, the recovery in global demand, particularly in sectors such as electronics, automobiles and machinery, translated into increased orders and higher profits for manufacturers. As a result, investment in industry maintained a relatively high growth rate, Wang said.
与此同时，全球需求的复苏，尤其是在电子、汽车和机械等行业，转化为制造商订单的增加和利润的提高。因此，工业投资保持了较高的增长速度。
In particular, the high-tech manufacturing sector witnessed a first-quarter investment growth rate of 10.8 percent, surpassing investment growth in overall manufacturing, according to the bureau.
国家统计局表示，特别是高科技制造业，第一季度投资增长率为10.8%，超过了整体制造业的投资增长。
The country's policy support fostering new quality productive forces and large-scale equipment upgrades has boosted businesses' demand for advanced computing technologies, digitization efforts and the adoption of cutting-edge office equipment, said Li Chao, chief economist at Zheshang Securities.
浙商证券首席经济学家李超表示，国家对培育新型优质生产力和大规模设备升级的政策支持，推动了企业对先进计算技术、数字化工作和尖端办公设备的需求。
Going forward, banking and insurance institutions should enhance their medium- to long-term financial support for equipment upgrades and technological improvements, as outlined in a notice jointly issued on Tuesday by the National Financial Regulatory Administration, Ministry of Industry and Information Technology and National Development and Reform Commission. Efforts will be made to leverage the role of national production-financing platforms, to effectively align financial resources with the financing needs of industrial transformation. Moreover, the country will expand credit loans specifically tailored for strategic emerging industries such as artificial intelligence and aerospace, the notice said.
国家金融监督管理总局、工业和信息化部、国家发展改革委4月16日联合发布《关于深化制造业金融服务助力推进新型工业化的通知》指出，未来，银行和保险机构应加强对设备升级和技术改进的中长期金融支持。发挥国家生产融资平台作用，有效对接金融资源和产业转型融资需求。此外，国家将扩大专门为人工智能和航空航天等战略性新兴产业量身定制的信贷贷款。
While other sectors are showing signs of growth, the sluggish performance of real estate investment raises concerns about implications for the overall economy.
在其他行业显示出增长迹象之际，房地产投资的低迷表现引发了对整体经济影响的担忧。
Data from the NBS showed that investment in property development during the first three months dipped 9.5 percent year-on-year, with commercial housing sales plunging 27.6 percent.
国家统计局的数据显示，今年前三个月房地产开发投资同比下降9.5%，商品房销售暴跌27.6%。
Several top-tier cities in China, including Beijing and Shanghai — as well as some second-tier cities — have recently relaxed their property policies, leading to increased activity in the new home market, said Wang.
王庆表示，中国包括北京和上海的几个一线城市，以及一些二线城市，最近放松了他们的房地产政策，导致新房市场的交易增加。
However, overall recovery of the real estate sector remains sluggish due to insufficient purchasing power on the demand side and persistently low industry expectations, Wang added.
然而，由于需求侧购买力不足和行业预期持续低迷，房地产行业的整体复苏仍然缓慢。
China still has significant room for policy adjustments including allowing for the potential reduction of home purchase restrictions and the lowering of mortgage rates, Wang said.
王庆表示，中国仍有很大的政策调整空间，包括允许潜在的减少购房限制和降低抵押贷款利率。
Given the complex and challenging external environment and insufficient domestic effective demand, it is essential to maintain a certain level of intensity in infrastructure investment, said Wu Chaoming, deputy director of the Chasing International Economic Institute.
追逐国际经济研究所副所长吴超明表示，在外部环境复杂而充满挑战、国内有效需求不足的情况下，保持一定程度的基础设施投资强度至关重要。
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