I.Steady growth of fixed assets investment promoting high-quality development

1.Continuous and steady growth of investment From 2013 to 2021,

China’s cumulative fixed asset investment reached RMB 409 trillion, with

an average annual growth of 9.4%; the total fixed asset investment

increased from RMB 28.2 trillion in 2012 to RMB 55.3 trillion in 2021.

The cumulative fixed asset investment (excluding those invested by

farmers) from 2013 to 2021 hit RMB 399.9 trillion, with an average

annual growth of 9.7%.

2.Expanding scale of construction In 2021, the scale of construction

projects nationwide reached RMB 148.9 trillion, 3.5 times that of 2012;

the scale of new construction projects reached RMB 37.0 trillion, 2.3

times that of 2012.

3.Investment underpinning the steady growth of the economy In terms

of the contribution of investment to economic growth, the national rate

of capital formation averaged 43.9% annually from 2013 to 2021,

featuring a sound interaction between effective investment and

consumption upgrading. The Gross Fixed Capital Formation (GFCF) in 2021

contributed 1.1 percentage points to GDP growth, and fixed asset

investment played an effective support role to the stable growth of the

economy.

II.Optimized industrial investment with a sound structure

1.Solid investment in

agriculture From 2013 to 2021, China’s primary industry investment grew

at an average annual rate of 13.9%, with a growth rate 4.2 percentage

points higher than that of all investment categories. Among which,

agricultural investment saw an annual growth of 18.0%, and investment in

husbandry increased by 20.7% annually. Since 2012, investment in the

primary industry has steadily increased.

2.Accelerated pace of

investment in the second industry From 2013 to 2021, China’s investment

in the secondary industry grew at an average annual rate of 5.9%. In

2021, technological investment accounted for 36.2% of the total

investment in the second industry, 3.8 percentage points higher than in

2012, making technological investment the main driving force of

industrial investment.

3.Service industry investment

drives rapid development From 2013 to 2021, China’s tertiary industry

investment grew at an average annual rate of 8.9%. In 2021, it accounted

for 66.6% of all investment categories, 4.9 percentage points higher

than in 2012, and 35.9 percentage points higher than investment in the

secondary industry.

III.Synergized regional investment empowering coordinated development

1.Investment in four major

regions advanced in tandem From 2013 to 2021, investment in the eastern

region grew at an average annual rate of 7.9%, with the eastern region

accounting for 44.4% of national investment in 2021, down 0.7 percentage

points from 2012; investment in the central and western regions grew at

an average annual rate of 10.8% and 8.9% respectively, with the central

and western regions accounting for 26.2% and 26.3% of national

investment in 2021, up 5.4 and 1.8 percentage points respectively from

2012.

2.Coordinated investment in

the Beijing-Tianjin-Hebei region, the Yangtze River Delta, as well as

the Greater Bay Area From 2013 to 2021, the average annual growth rate

of investment in the Beijing-Tianjin-Hebei region reached 5.0%. Hebei’s

information transmission, software and IT industry increased by 22.8%.

From 2013 to 2021, investment in the Yangtze River Delta (three

provinces and one city) grew at an average annual rate of 8.6%,

development in the region has become more integrated, its infrastructure

has become more interconnected, and a modern, integrated transport

system has emerged in the region. The construction of the Guangdong-Hong

Kong-Macao Greater Bay Area is booming, with a cumulative investment in

fixed assets in the Greater Bay Area exceeding RMB 2 trillion from

2016-2020, growing at an average annual growth of 11.5%, and major

infrastructure projects such as the Hong Kong-Zhuhai-Macao Bridge and

the Hong Kong section of the Guangzhou-Shenzhen-Hong Kong High-speech

Railway have been completed.

3.Investment in the Yangtze

River Economic Belt and Yellow River Basin empowering high-quality

development Thanks to the development strategy of the Yangtze River

Economic Belt, investment in the 11 provinces and cities along the belt

grew at a combined average annual rate of 11.4% from 2013 to 2021, 1.7

percentage points higher than the national average; the Yangtze River

Economic Belt accounted for 44.3% of China’s total investment in 2021,

8.0 percentage points higher than in 2012. The Yellow River Basin has

steadily promoted ecological protection and high-quality development,

with a combined average annual growth of 7.8% in investment in the nine

provinces of the region from 2013 to 2021. In recent years, the Yellow

River Basin has optimally adjusted its economic and productivity layout,

its investment growth in 2020 and 2021 was 1.1 and 0.7 percentage

points higher than the national average.

IV.Infrastructure investment advances with remarkable result of livelihood-related investment

1.Vigorous investment in

construction, transport, and water conservancy projects From 2013 to

2021, national infrastructure investment grew at an average annual rate

of 12.0%, 2.3 percentage points higher than that of all investment

categories; accounting for 20.5% of China’s total investment, up 5.7

percentage points than that of 2012.

2.Significant leap in

investment in information, communications, and public facilities From

2013 to 2021, investment in China’s information transmission industry

grew at an average annual rate of 13.7%. At the end of 2021, the number

of 5G base stations nationwide reached 1.425 million, 5G networks have

covered all prefecture-level cities, and gigabit optical networks

covered 300 million households.

3.Investment in real estate

and social sectors improves quality of life From 2013 to 2021, China’s

real estate investment totaled 103 trillion yuan, with an average annual

growth of 9.2%. In 2021, real estate development investment accounted

for 27.1% of China’s total investment, 0.7 percentage points higher than

in 2012; from 2018 to 2021, investment in the social sector grew at an

average annual rate of 11.9%, 7.1 percentage points higher than that of

all investment categories. Among them, investment in education grew at

an average annual rate of 12.1%, laying a solid foundation for

popularization of compulsory education and universal access to higher

education.

V.Growing endogenous momentum drives investment development

1.Green and low-carbon

investment has become a new trend From 2013 to 2021, China’s investment

in ecological protection and environmental management grew at an average

annual rate of 22.7%, with increasing efforts in ecological protection,

continuous investment in environmental infrastructure, and effective

treatment of pollution sources. In 2021, the installed power generation

capacity of renewable energy reached 1.063 billion kilowatts, accounting

for 44.8% of the total installed capacity, with wind and photovoltaic

power generation reaching 96.9% and 98% respectively, and new progress

was made in the consumption of clean energy.

2.Robust investment in emerging

industries From 2013 to 2021, China has placed science and technology

innovation at the core of the overall national development, and

investment in scientific research and technology services has maintained

rapid growth, with an average annual growth of 12.1%. Investment in

high-tech industries grew at an average annual rate of 16.3%. Investment

in high-tech services grew at an average annual rate of 17.3%, 8.4

percentage points faster than the investment in all service sectors.

3.Private capital diversifies

the investment landscape From 2013 to 2021, China’s private investment

grew at an average annual rate of 8.9%, accounting for more than half of

all investment categories. In 2021, private investment accounted for

56.5% of the national total. Investment by Hong Kong, Macao and Taiwan

enterprises grew by 16.4% year-on-year and investment by foreign

enterprises grew by 5.0%, both grew faster than all categories of fixed

asset investment.

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