Fixed-asset investment in China grew at its slowest rate for 16 years in the first five months of this year, as private companies held off spending and left the state sector to keep the economy humming.
The figures could weigh on China’s ability to hit its economic growth in line with its annual target this quarter. Beijing targets average annual economic growth of 6.5 per cent until 2020, and reported 6.7 per cent year-on-year growth in the first quarter.
Fixed-asset investment grew 9.6 per cent in the first five months of the year against the same period in 2015. The slowdown, to its lowest level since 2000, was led by the private sector, where investment grew by a meagre 3.9 per cent against 23.3 per cent for the state sector.
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