Last year, the growth rate of my country's fixed asset investment declined significantly. New data from the National Bureau of Statistics show that from January to December last year, the national fixed asset investment increased by 5.9%, the growth rate was the same as that from January to November, and was 1.3 percentage points lower than the same period last year. Among them, private investment in fixed assets increased by 8.7%, an increase of 2.7% over the previous year. The analysis believes that the sharp decline in infrastructure investment has dragged down the overall fixed asset investment growth rate. Looking ahead to this year, under the vigorous promotion of policies, infrastructure investment may rebound to a certain extent, but the growth rate of manufacturing investment and real estate development investment may fall, and overall investment will not rebound significantly.

        Specifically, from January to December last year, infrastructure investment increased by 3.8% over the previous year, the growth rate increased by 0.1 percentage point from January to November, and fell 15.2 percentage points from the previous year. Manufacturing investment increased by 9.5%, continuing the upward trend, supporting fixed asset investment; national real estate development investment was 12,026.4 billion yuan, an increase of 9.5% over the previous year, and the growth rate was 0.2 percentage points lower than that from January to November, and higher than the same period last year. 2.5 percentage points. According to analysis by industry insiders, the growth rate of infrastructure investment has fallen sharply since 2018 due to the pressure on funding sources due to the slowdown in fiscal expenditures, the clean-up of PPP projects, the strict management of local government debt, and the management of local financing platform corporate financing and deleveraging.

      "Infrastructure investment has increased this year, and the growth of real estate development investment and manufacturing investment may slow down. Fixed asset investment is expected to increase by about 5.5%." Experts said that infrastructure investment is expected to grow by 10% this year, becoming a key force in stimulating investment. However, this year's base effect has weakened, and the growth rate of manufacturing profit has tended to decline, which will be difficult to support the continued rapid growth of manufacturing investment. It is estimated that this year's manufacturing investment growth rate will drop to 4%, and high-tech manufacturing investment will grow rapidly. It is difficult to substantially relax the real estate control policies, the rising trend of housing prices has been curbed, and the pressure on the sources of funds for real estate enterprises still exists.