China fixed-asset investment up 8.3% in Jan-July

BEIJING - China's fixed-asset investment saw slower growth in the first seven months of this year, but the overall situation was "still steady," an official said Monday.

In the January-July period, fixed-asset investment grew 8.3 percent year on year, down from an expansion of 8.6 percent in the first half, the National Bureau of Statistics said.

Total investment from January to July stood at 33.74 trillion yuan (about $5.1 trillion).

Spokesperson Mao Shengyong attributed the slowdown mainly to hot days and floods in July that dragged the progress of outdoor projects.

"The trend of steady investment growth will not change," he said.

However, the pace was 0.2 percentage point faster than the same period of 2016.

"There was also a clear trend for better investment structure," Mao added.

Investment in traditional manufacturing sectors slowed, while that in the high-tech and equipment manufacturing sectors saw fast growth. Investment in environmental sectors surged more than 40 percent year on year, according to Mao.

The bureau's calculation does not include investment made by farmers. It includes projects with planned investment of more than 5 million yuan, as well as all property development.