Fixed-asset investment increases in Shandong

(| Updated : 2022-03-28

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Employees work on an auto assembly line in Qingzhou, Shandong province, on March 1. [Photo by Wang Jilin/For China Daily]

Shandong's fixed-asset investment grew 11.6 percent year-on-year in the first two months of the year, according to data from the Shandong Provincial Bureau of Statistics.

During this period, investment in the secondary industry saw the highest growth rate of 25.1 percent. Investment in the primary and tertiary industries increased by 7 percent and 6.2 percent, respectively.

From January to February, infrastructure investment in the province grew steadily, with a year-on-year growth of 10.5 percent, driving total investment growth by 1.7 percentage points.

Transportation, warehousing and postal services were the most important drivers of infrastructure investment, accounting for 35.7 percent of the total investment, and boosted total investment by 12.4 percentage points.

Investment in water, railway and pipeline transportation increased by 30.5 percent, 83.5 percent and 89.7 percent, respectively.

Investment in mining and technological upgrading of the manufacturing industry increased by 31.4 percent and 22.8 percent, respectively.

There were 4,485 investment projects in industrial technological transformation investment projects during this period, up 21.9 percent year-on-year.

From January to February, investment in the "Four New Economy" (new technology, new business pattern, new development mode, and new industry) increased by 25.1 percent year-on-year, 13.5 percentage points higher than the province's total investment.

Private investment also became more dynamic. During this period, the province's private investment increased by 12.1 percent year-on-year, accounting for 63.7 percent of the total investment.