Yicai:

How do you evaluate the performance of fixed asset investment in the first quarter? What are the main factors supporting the rebound in investment growth? How do you see the trend in the next stage? Thank you.

Mao Shengyong:

Thank you. Fixed asset investment grew by 1.7% in the first quarter of this year, which is a pretty good performance. Since the beginning of this year, all regions and departments have continued to expand domestic demand, optimize supply, and tap into the potential of effective investment. They have issued the lists of both early and first batch of key construction projects aimed at implementing major national strategies and building up security capacity in key areas, along with the central budget investment plan. They have stepped up efforts to make better use of ultra-long-term special treasury bonds, local government special bonds, and other funds. Furthermore, they have improved long-term mechanisms for private enterprises to participate in the construction of major projects. Through multiple measures, investment growth has rebounded from a 3.8% decline a year earlier to a 1.7% year-on-year increase in the first quarter, effectively underscoring the critical role of investment in optimizing supply. The main characteristics are as follows.

First, investment in key sectors has witnessed rapid growth. This year marks the start of the 15th Five-Year Plan period. All sectors are seizing opportunities to break ground on major projects and scale up new infrastructure, giving a strong push to infrastructure investment. In the first quarter, infrastructure investment increased by 8.9% year-on-year, 8.3 percentage points higher than the growth rate for the whole of 2025. In the first quarter, investment in projects with planned total investment of 100 million yuan or more rose 4.5% year-on-year, indicating that large-scale construction is accelerating. With the upgrading and transformation of traditional industries and the accelerated development of emerging industries, manufacturing investment has continued its steady rebound. In the first quarter, manufacturing investment grew by 4.1%, 3.5 percentage points higher than the growth rate of 2025.

Second, investment in emerging areas has maintained sound growth and strong momentum. Steady progress has been made in industrial upgrading, with the technological innovation playing a greater leading role and the development of new quality productive forces continuing to yield tangible results. Emerging industries represented by the low-altitude economy and future industries represented by embodied intelligence and 6G are rapidly developing and gradually becoming new drivers of further investment growth. In the first quarter, investment in high-tech manufacturing increased by 5.2% year-on-year, with investment in aerospace vehicles and equipment manufacturing and electronic and communication equipment manufacturing increasing by 19% and 6.6% respectively. Producer services are moving up the value chain towards higher specialization, effectively unlocking new momentum for investment. In the first quarter, investment in high-tech services registered a 12.3% year-on-year increase, with investment in professional technical services and information services increasing by 29.5% and 20.9% respectively. Investment in emerging fields continued to grow at a relatively fast pace.

Third, investment in shoring up weak links in urban and rural development has increased. The development of new urbanization has continued to advance, with increasing investment in urban renewal and renovation. In the first quarter, investment in public facilities management increased by 5.7%. The all-round rural revitalization has steadily advanced, with both growing investment in agricultural development and rural infrastructure. In the first quarter, investment in the primary industry increased by 15.9% year-on-year. Regional development coordination has steadily enhanced, and the economic layout has been continuously optimized. The advantage of the central region as a latecomer has continued to emerge, with its growth rate in the first quarter exceeding that of the national average.

Fourth, investment in areas related to people's livelihood has increased. We have continued to improve people's wellbeing as we pursue development, with investment in areas related to people's livelihoods growing. In the first quarter, investment in livelihood-related infrastructure has continued to grow. Investment in the production and supply of electricity, heat, gas and water increased by 9% year-on-year; investment in ecological protection and environmental governance increased by 9%; investment in people's livelihood-related industries increased, with the agricultural and sideline food processing industry posting a 5.5% increase.

Fifth, investment in intellectual property products has grown rapidly. In recent years, the National Bureau of Statistics, drawing on international practices and adapting them to China's actual conditions, has established a statistical system for investment in intellectual property products. The fixed asset investment data released monthly by the National Bureau of Statistics includes investment in intellectual property products. Investment in intellectual property products mainly includes four aspects: these being, the investment in computer software and databases, the investment in research and development, the investment in mineral exploration and evaluation, and the investment in original literary and artistic works. In particular, the first two categories account for a relatively high proportion, exceeding 90%. In recent years, we have increased our investment, which is an important measure to promote innovation-driven development, and it has achieved very good results. Specifically, investment in intellectual property products has maintained a relatively rapid growth rate in recent years, with an average growth rate of over 9% from 2023 to 2025. By 2025, the total investment in intellectual property products surpassed 6.9 trillion yuan. In the first quarter of this year, the growth rate of investment in intellectual property products reached 7.9%. In the first quarter, investment in intellectual property products accounted for more than 12% of total investment. The growth in investment in intellectual property products represents an important measure taken in recent years to vigorously implement the innovation-driven development strategy and develop new productive forces in accordance with local conditions. Significant efforts have been made in this regard, and tangible results have been achieved.

Regarding investment in the next stage, on the one hand, from the perspective of development stage, imbalances and inadequacies in development remain prominent, while the per capita capital stock is still far behind that of developed countries. From this perspective, there is still considerable room and potential for development in fixed asset investment. On the other hand, after so many years of high growth in fixed asset investment, the scale of fixed asset investment has become quite large. In 2025, total fixed asset investment of the whole society exceeded 49 trillion yuan. Therefore, for all sectors of society, including reporters, who are concerned about fixed asset investment, they should pay attention not only to the scale and growth rate of investment, but more importantly to its structure, efficiency, quality and sustainability. We hope that more effective investment will promote the improvement of people's lives, foster the growth of new quality productive forces, and drive high-quality economic and social development. Thank you.